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Telecommunications Network Operators: 3Q22 Market Review

Stalled revenue growth and macro pressures somewhat impacted the capex spend of telcos in the latest quarter. Telco investments declined, for the first time since 4Q20, by 5% on a YoY basis to post $77B in 3Q22. The decline in the latest quarter also knocked down annualized capex to $325.7B in 3Q22, from the peak of $329.5B in the prior annualized quarter. Due to multiple quarters of strong capex spend, annualized capital intensity reached a new all-time high of...

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Matt Walker
Chief Analyst
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