Wells Fargo analysts have lowered their subscriber-growth projections for Verizon's FiOS (NYSE: VZ) video service, citing increased competition from over-the-the top services.
In a note to investors, Wells Fargo analysts Jennifer Fritzsche, Eric Luebchow and Caleb Stein now predict FiOS will net subscriber additions of around 80,000 in the second quarter, down from earlier forecasts of 115,000 additions.
Verizon added 140,000 FiOS subscribers in the second quarter of 2014.
"We believe the surge of competitive OTT (over-the-top) products that have recently entered the market have continued to weigh on the linear TV adds for Verizon," the Wells Fargo note reads.
Verizon announces its second quarter earnings on July 21.
Interestingly, Verizon is in the process of launching its own over-the-top service. Earlier this week, the company announced a deal to distribute 45 original conscripted series from Scripps Networks Interactive via the forthcoming service.
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