AT&T boss John Stankey is getting the telecom titan back in its lane. Even as it pays for wayward forays into Hollywood and satellite TV, it’s taking some big hits on antiquated equipment: jennifersaba
unveiled last month to build out a high-speed network spreads the cost and the risk. In the fourth quarter, AT&T’s average revenue per user for its fiber product was approaching $65, $10 higher than what its non-fiber service fetches. The new venture, dubbed Gigapower, is also positioned to grab a piece of the $65 billion earmarked for broadband deployment in the U.S.AT&T already operates the business in 21 states, where revenue increased 30% in the quarter, to $1.4 billion.
Google and Verizon are also eyeing the sector. At least it’s a venture in AT&T’s wheelhouse, and a higher fiber diet should help mitigate the M&A bloat.AT&T on Jan. 25 reported 656,000 net additional customers who pay on a monthly basis in the fourth quarter compared to 884,000 in the same period a year earlier.
The U.S. telecom company generated a net loss of $23.1 billion, or $3.20 per share, in the three-month stretch versus net income of $5.2 billion, or 66 cents per share, in the fourth quarter of 2021. AT&T also booked a $24.8 billion non-cash impairment charge in the fourth quarter related to its wireline business, its assets in Mexico and higher interest rates.
AT&T and BlackRock said on Dec. 23 that they are forming a joint venture called Gigapower to build out fiber networks and wholesale the service.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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