View this in your browser. Hello, Thanks for your interest in our latest research. You can view a summary of our latest report below. Telco capex jumps 10% in 2021 to hit $325B The year 2021 was an unusual one in telecom. After a COVID-plagued 2020, telcos saw the strongest revenue growth in a decade: full-year 2021 revenues were $1,891 billion (B), up 5.5% from 2020. Capex surged even more, up 10.1% YoY to $325B. The ratio of capex to revenues, or capital intensity, reached 17.2% in 2021, the highest level since 2015. This record makes clear that the jump in capex (and revenues) was not fueled merely by exchange rate fluctuations. Rather, the 2021 network spending surge was due to a few factors: COVID-delayed projects finally getting fulfilled; 5G’s spread into... Read more To see our most recently published reports, click here Best regards, Matt Walker Chief Analyst If you'd rather not receive future emails from MTN Consulting, unsubscribe by clicking the link below. Unsubscribe | Manage your subscription