Benzinga | Jun 1, 2021 01:14PM EDT

Verizon Hands Out Free iPhones, Android Phones to Win 5G Customers: Bloomberg

* Verizon Communications Inc (NYSE:VZ) is offering free Apple Inc (NASDAQ:AAPL) and Android phones to the 5G unlimited subscribers, joining the likes of AT&T Inc (NYSE:T) and T-Mobile US Inc (NASDAQ:TMUS) to reverse recent subscriber losses, Bloomberg reports.

* New Verizon premium 5G unlimited plan subscribers can qualify for up to $1,000 in credit for an iPhone or $1,100 for the Samsung Electronics Co Ltd (OTC: SSNLF) Samsung Galaxy S21. Current customers are eligible for $700 for an iPhone or $800 for an Android model on a higher-end unlimited plan upgrade.

* Verizon lost 178,000 phone customers in Q1. Interestingly, AT&T and T-Mobile added 595,000 and 773,000 mobile-phone subscribers, respectively, in Q1.

* The initiative will reduce congestion in the 4G and 3G networks as more users move to 5G.

* T-Mobile has grown its 5G prospects via the Sprint acquisition. AT&T spun off its WarnerMedia division and will use a portion of the $43 billion cash from the deal on its 5G ambitions.

* 5G pioneer Verizon's network speed was restricted by its impermeable millimeter waves and limited presence.

* AT&T and Verizon both correct unlimited connection speeds after certain data caps or if the network is congested, unlike T-Mobile.

* Price action: VZ shares traded lower by 0.21% at $56.38 on the last check Tuesday.