Telecommunications Network Operators: 4Q19 Market Review
Signs of recovery in 4Q19 after revenue decline for five straight quarters; imminent recession worries telcos
By Subramanian Venkatraman and Matt Walker

This market review provides a comprehensive assessment of the global telecommunications industry based on financial results through December 2019 (4Q19). The report tracks revenue, capex and employee for 133 individual telecommunications network operators (TNOs). For a sub-group of 50 large TNOs, the report also assesses labor cost, opex and operating profit trends. Our coverage timeframe spans 1Q11-4Q19 (36 quarters). The report’s format is Excel.

Table Of Contents

  1. Abstract
  2. Market snapshot
  3. Market overview
  4. Key stats through 4Q19
  5. Operator rankings
  6. Single-company drilldowns
  7. Revenue and capex by country
  8. TNO-133: Revenue, capex and headcount for 133 TNOs
  9. TNO-50: Cost breakdowns for 50 large TNOs
  10. Raw Data
  11. Subs & traffic
  12. Exchange rates
  13. About (including methodology)

Figure & Charts

1) TNOs: Annualized revenue ($M) and YoY growth (%), 4Q14-4Q19
2) TNOs: Annualized capex ($M) and capital intensity (%), 4Q14-4Q19
3) Labor cost/revenue (%), 2019
4) Labor cost and labor cost per employee, 2019 YoY change (%)
5) Change in annualized operating margins (YoY percentage point difference 4Q13-4Q19)
6) Local currency value vs. US$ (QoQ change)
7) Top 20 share of the market, 4Q19
8) Top 20 TNOs by total capex, 4Q19
9) Top 20 TNOs by total revenue, 4Q19
10) TNOs: YoY growth in single quarter revenues
11) TNOs: Annualized capital intensity, 4Q11-4Q19
12) TNOs: Revenue and RPE, annualized 4Q14-4Q19
13) TNOs: Capex and capital intensity (annualized), 4Q14-4Q19
14) TNOs: Total headcount trends, 4Q11-4Q19
15) TNOs: Revenue and RPE trends, 2011-19
16) TNOs: Capex and capital intensity, 2011-19 ($ Mn)
17) TNOs: Capex and capital intensity, 4Q14-4Q19 ($ Mn)
18) TNOs: Revenue and RPE trends, 4Q14-4Q19
19) Top 40 TNOs by total opex, 4Q19
20) Top 40 TNOs by labor costs, 4Q19


Argentina Finland Japan Norway Taiwan
Australia France Kenya Oman Thailand
Austria Germany Kuwait Philippines Turkey
Bahrain Hong Kong Luxembourg Poland UAE
Brazil India Malaysia Qatar UK
Canada Indonesia Mexico Russia USA
Chile Israel Morocco South Korea
China Italy Singapore Spain
Denmark Netherlands South Africa Sweden
Egypt New Zealand Saudi Arabia Switzerland


Altice USA Advanced Info Service (AIS) A1 Telekom Austria Batelco Oi
America Movil Axiata Altice Europe Bezeq Israel Quebecor Telecommunications
AT&T Bharti Airtel Limited Bouygues Telecom Cellcom Israel Rogers
Axtel BSNL BT Cell C Sasktel
BCE China Mobile Com Hem Holding AB Du Shaw Communications
Cable ONE, Inc. China Telecom Cyfrowy Polsat Etisalat Sprint
Cablevision China Unicom Deutsche Telekom Maroc Telecom SureWest Communications
CenturyLink Chunghwa Telecom Digi Communications MTN Group TDS
Cequel Communications CK Hutchison DNA Ltd. Omantel Telecom Argentina
Charter Communications DEN Networks Limited EE Ooredoo Telus
Cincinatti Bell Dish TV India Limited Elisa Safaricom Limited Time Warner
Clearwire Far EasTone Telecommunications Co., Ltd. Iliad SA STC (Saudi Telecom) Time Warner Cable
Cogeco Globe Telecom KPN Telecom Egypt Verizon
Comcast Hathway Cable & Datacom Limited Liberty Global Telkom SA Windstream
Consolidated Communications Idea Cellular Limited Megafon Zain Singtel
DirecTV KDDI Mobile Telesystems Zain KSA SITI Networks Limited
Dish Network KT Corporation Orange Telia SK Telecom
Entel LG Uplus Proximus Veon SmarTone
Fairpoint Communications M1 Rostelecom Virgin Media SoftBank
Frontier Communications Maxis Berhad Sky plc Vivendi Spark New Zealand Limited
Grupo Clarin MTNL Swisscom Vodafone StarHub
Grupo Televisa NTT TDC Wind Tre Taiwan Mobile
Leap Wireless PCCW Tele2 AB Telstra Tata Communications Limited
Manitoba Telecom Services PLDT Telecom Italia Thaicom Tata Teleservices
MetroPCS Communications Reliance Communications Limited Telefonica TPG Telecom Limited Telekom Malaysia Berhad
Millicom Reliance Jio Telenor True Corp Telkom Indonesia
Turkcell Vodafone Idea Limited Turk Telekom