DALLAS, March 8,
2023 /CNW/ -- Jeff
McElfresh, chief operating officer, AT&T* Inc., (NYSE:T)
spoke today at the Morgan Stanley Technology, Media and Telecom
Conference where he provided an update to shareholders. McElfresh
made the following points:
- The company continues to prioritize growing customer
relationships in a disciplined manner while expanding and enhancing
its 5G and fiber networks. McElfresh added that the company
continues to attract customers thanks to its consistent
go-to-market approach, improved distribution efforts and success in
targeting subsegments of the market where AT&T historically has
underperformed. He also indicated that wireless demand levels are
largely in-line with recent trends but that the company does not
expect wireless industry growth to replicate levels from 2021 and
the first half of 2022.
- McElfresh noted that while AT&T is not immune to recent
trends in the housing markets, it continues to see steady fiber
penetration rates while prudently expanding the company's fiber
footprint. AT&T remains on track to pass 30 million-plus fiber
locations by the end of 2025, including approximately 25 million
consumer locations and 5 million business locations. The company
ended 2022 with about 24 million fiber locations passed, including
4 million business locations. Of those, more than 22 million,
including 3 million business locations, were sellable.
- McElfresh stated the company is committed to its disciplined
capital allocation approach and expects capital investment to peak
in 2022 and 2023 as the company progresses on its strategy of
becoming a truly scaled 5G and fiber provider with owner's
economics. The company now reaches more than 290 million people
with nationwide 5G and remains on target to cover more than 200
million people with mid-band 5G by the end of 2023.
We help more than 100 million U.S. families, friends and
neighbors, plus nearly 2.5 million businesses, connect to greater
possibility. From the first phone call 140+ years ago to our 5G
wireless and multi-gig internet offerings today, we @ATT innovate
to improve lives. For more information about AT&T Inc.
(NYSE:T), please visit us at about.att.com. Investors can learn
more at investors.att.com.
Cautionary Language Concerning Forward-Looking
Information set forth in this news release contains financial
estimates and other forward-looking statements that are subject to
risks and uncertainties, and actual results might differ
materially. A discussion of factors that may affect future results
is contained in AT&T's filings with the Securities and Exchange
Commission. AT&T disclaims any obligation to update and revise
statements contained in this news release based on new information
This news release may contain certain non-GAAP financial
measures. Reconciliations between the non-GAAP financial measures
and the GAAP financial measures are available on the company's
website at https://investors.att.com.
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