Verizon Communications Inc. reported disappointing revenue figures for the third quarter of 2024, missing analysts' estimates primarily due to a decline in wireless equipment sales. During a conference call, Chief Financial Officer Anthony Skiadas noted that while there was continued growth in wireless service revenue, the overall performance indicated a lack of a significant upgrade cycle, with a 10% decrease in upgrades compared to the previous year. The wireless retail postpaid upgrade rate remains near historical lows, despite a slight quarter-over-quarter increase of 30 basis points from the previous year. These trends suggest a challenging outlook for Apple, as Verizon's earnings imply that the launch of the iPhone 16 did not meet expectations.