AT&T COO Updates Shareholders at the Morgan Stanley Technology, Media and Telecom Conference
On March 8, 2023, AT&T's COO, Jeff McElfresh, presented at the Morgan Stanley Technology, Media, and Telecom Conference, highlighting the company's focus on strengthening customer relationships and expanding its 5G and fiber networks. He emphasized AT&T's disciplined market approach and improved distribution strategies. Despite current housing market challenges, fiber penetration rates remain stable, with plans to reach over 30 million fiber locations by 2025. The company anticipates peak capital investments in 2022 and 2023, maintaining coverage for over 290 million people with nationwide 5G. AT&T's commitment to growth and investment strategies remains steadfast.
- Continued focus on expanding 5G and fiber networks.
- On track to surpass 30 million fiber locations by 2025.
- Steady fiber penetration rates demonstrated.
- Anticipated peak in capital investment in 2022 and 2023.
- Wireless demand growth expectations are not as high as in 2021 and early 2022.
- Company impacted by recent trends in housing markets.
- The company continues to prioritize growing customer relationships in a disciplined manner while expanding and enhancing its 5G and fiber networks. McElfresh added that the company continues to attract customers thanks to its consistent go-to-market approach, improved distribution efforts and success in targeting subsegments of the market where
AT&T historically has underperformed. He also indicated that wireless demand levels are largely in-line with recent trends but that the company does not expect wireless industry growth to replicate levels from 2021 and the first half of 2022. - McElfresh noted that while
AT&T is not immune to recent trends in the housing markets, it continues to see steady fiber penetration rates while prudently expanding the company's fiber footprint.AT&T remains on track to pass 30 million-plus fiber locations by the end of 2025, including approximately 25 million consumer locations and 5 million business locations. The company ended 2022 with about 24 million fiber locations passed, including 4 million business locations. Of those, more than 22 million, including 3 million business locations, were sellable. - McElfresh stated the company is committed to its disciplined capital allocation approach and expects capital investment to peak in 2022 and 2023 as the company progresses on its strategy of becoming a truly scaled 5G and fiber provider with owner's economics. The company now reaches more than 290 million people with nationwide 5G and remains on target to cover more than 200 million people with mid-band 5G by the end of 2023.
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