Verizon Communications Inc (VZ) and CareAR announced earlier this week a strategic partnership aimed to transform the service and customer experience delivered by CareAR.
A combination of Verizon’s 4G, 5G networks and near real-time computing technology with CareAR’s augmented reality and AI-based platform will enable technicians to remotely and proactively resolve service issues faster and more safely, which in turn will improve customer experience.
The tie-up is expected to enable CareAR to deliver real-time support and expert-guided troubleshooting solutions across its portfolio of products and services, as well as to create a new standard of self-service capabilities and personalized “how-to” information for clientele and field technicians.
“We’ve seen a dramatic shift in the global workforce. It’s our mission to help our customers navigate today, while identifying strategic paths for innovation and growth,” Sampath Sowmyanarayan, Chief Revenue Officer of Verizon Business, said in a press release.
“Through 5G and edge computing, we can help CareAR deliver advanced AR and AI capabilities on standard mobile, smart glass and drone devices to drive efficiencies and experiences,” Sowmyanarayan added.
“CareAR is focused on making expertise accessible – instantly and with context. Users are empowered with on-demand visual access to experts and instructional content delivered to their preferred device,” CareAR President Sam Waicberg said.
“Our strategic partnership with Verizon enables us to push these capabilities even further,” he added.
Verizon shares closed with a slight change in New York on Tuesday. The stock inched up 0.02% ($0.01) to $54.51, after touching an intraday low at $54.32 and an intraday high at $54.81 respectively.
Shares of Verizon Communications Inc have retreated 7.22% so far in 2021 compared with a 15.70% gain for the benchmark index, S&P 500 (SPX).
In 2020, Verizon’s stock went down 4.32%, thus, it again underperformed the S&P 500, which registered a 16.26% gain.
Analyst stock price forecast and recommendation
According to TipRanks, at least 5 out of 9 surveyed investment analysts had rated Verizon Communications Inc’s stock as “Buy”, while 4 – as “Hold”. The median price target on the stock stands at $62.75.