Verizon CEO anticipates robust growth and maintains increasing dividend as a top priority.

• On Thursday, CEO Hans Vestberg of Verizon stated to CNBC's Jim Cramer that the company has "more growth opportunity than we’ve ever had before."
• On Thursday, the telecom giant announced a strategic partnership with Meta, the parent company of Facebook, during its investor day.
• On Thursday, Verizon shares experienced a nearly 1% increase, ending the day at $54.66 each. This growth has resulted in a 5.2% year-to-date increase.

Hans Vestberg, the CEO, presented an optimistic outlook on Thursday, stating that the telecom giant has an unprecedented amount of growth opportunities.

Verizon's investor day on Thursday revealed its strategy for future growth, with a target of at least 4% increase in service and other revenue by 2024. Following this, Vestberg made comments about this in a "Mad Money" interview.

Vestberg stated that the company has experienced significant growth in the past few years and currently has more opportunities for expansion than ever before. He highlighted recent acquisitions such as TracFone and the purchase of C-Band spectrum in early 2021, which will aid in the development of 5G in the U.S. Additionally, he mentioned the sale of Verizon Media last year.

Vestberg stated that we constructed a versatile network for numerous purposes.

Verizon announced a strategic partnership with Facebook parent on Thursday, with a focus on utilizing Verizon's 5G network and computing power to develop the metaverse, a top priority for Mark Zuckerberg-led social media company.

Verizon CEO Vestberg emphasized that the development of immersive digital worlds, commonly referred to as the metaverse, is still in its early stages. He stated that the concept was not on his radar when he joined Verizon in 2017, where he served as chief technology officer and president of Global Networks. He became CEO in 2018.

Although we are only beginning in that area and it is not included in my future plans because it is still early, we have built a unique network that sets us apart from the competition. This is why we were approached by Meta, who ultimately decided to collaborate with us.

Dividend outlook

Nearly 1% of Verizon shares rose on Thursday, closing at $54.66, resulting in a 5.2% year-to-date increase. In contrast, the S&P 500 has decreased by 8.5% in the same time frame.

Verizon is not viewed as a telecommunications firm that offers significant revenue growth by investors. Instead, their stocks are typically seen as a defensive play, with dividends being a primary reason for some income-seeking investors to own them. Verizon's dividend yield was 4.7% on Thursday.

Vestberg was questioned by Cramer about whether Verizon's focus on growth initiatives would impede its ability to increase its dividend payout further.

Verizon's CEO stated that the company's capital allocation strategy prioritizes reducing its capital intensity to under 12% by 2024, while the second priority is to continue growing the dividend, as Vestberg announced.

He stated that after paying off our debt, we would consider repurchasing shares earlier than previously planned, which was discussed today.

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