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Telecommunications Network Operators: 2Q23 Market Review

Capex declined again in the latest single quarter after managing a recovery of sorts in 1Q23. Telcos in the US, China, and Europe are moving past peak 5G capital investment levels and are looking to bolster their finances amid declining top-line, macro pressures, and slowdown concerns. Capex declined by 5.8% on a YoY basis – the steepest fall since 2Q20 – to post $76.0B in 2Q23. The sharp decline in the latest quarter also knocked down the annualized capex, falling by...

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Matt Walker
Chief Analyst
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