Verizon Plans to Spend $3 Billion on Networks

Verizon Communications Inc. said it would spend $3 billion over the next two years to speed up its networks and build a national next-generation wireless network, staking a claim to fast-growing high-speed Internet services.

The largest U.S. telephone company is betting that faster, more advanced networks will attract greater numbers of customers and businesses that are demanding faster Internet speeds and more services in a fiercely competitive market.

Verizon plans to spend $1 billion on its wireless network and $2 billion on its wire-line networks. Analysts said the plans would force rivals to respond, signaling that the telecom industry’s long spending decline may be near an end.

Verizon shares rose 56 cents, or 1.5%, to $37.12 on the NYSE.