Financial Performance - AT&T's Q2 revenue increased by 3.4% to $30.8 billion, exceeding market expectations of $30.4 billion [1] - Adjusted earnings per share were $0.54, better than the anticipated $0.52 [1] - Free cash flow for the quarter was reported at $4.4 billion [1] Customer Growth - The company added 401,000 mobile phone users, surpassing the market expectation of 301,000 [1] - AT&T's "Internet Air" fixed wireless service gained 203,000 new customers, exceeding the forecast of 169,000 [1] - The company also added 243,000 fiber users [1] Strategic Initiatives - AT&T launched a new "customer assurance" policy aimed at expanding market share by providing stable network services and quality customer service [1] - The company plans to invest $3.5 billion of the expected tax savings from the tax and spending bill into fiber network construction, targeting 4 million new access points annually by the end of 2026 [2] - AT&T is acquiring Lumen Technologies' consumer fiber division to enhance its wired network coverage [2] Updated Guidance - The company raised its full-year guidance for mobile service revenue and profit, as well as capital expenditure expectations, while lowering the growth forecast for fiber business revenue [2] - AT&T maintains its adjusted earnings per share forecast of $1.97 to $2.07 [2] - The company plans to repurchase $4 billion in stock, having already repurchased $1.3 billion [2] Market Position - AT&T is the second of the three major U.S. telecom companies to report Q2 results, with T-Mobile US set to report later [2] - Despite a 3.8% pre-market drop, AT&T's stock has risen over 20% year-to-date, outperforming the S&P 500 and its telecom competitors [2]

Financial Performance - AT&T reported consolidated service revenue growth of 11% year-over-year (YoY) in 2Q25[18] - Adjusted EBITDA grew by 35% YoY[19], reaching $116 billion[26] - Free cash flow for 2Q25 was $44 billion, excluding DIRECTV[20, 24] Subscriber Growth - AT&T gained 401,000 postpaid phone subscribers in net additions[11, 32] - AT&T Fiber saw 243,000 net additions, bringing the total to 98 million subscribers[13, 14, 43] Segment Performance - Mobility service revenue grew by 35% YoY[12, 33] - AT&T Fiber revenue experienced significant growth of 189% YoY[15, 45] - Business Wireline revenue declined by 93% YoY[54] Capital Allocation - Capital Investment is in the $22B to $225B range[9] - The company repurchased $10 billion of shares in 2Q25[64, 72] Debt and Leverage - Net debt-to-adjusted EBITDA ratio was 264x in 2Q25[9, 68, 83]

Q2 2025 Results July 23, 2025 1 Cautionary note The following materials are for presentation purposes only. They accompany the discussions held during Rogers Communications Inc.'s (Rogers) investor conference call on July 23, 2025. Certain statements made in this presentation, including, but not limited to, statements relating to expected future events, financial and operating results, guidance, objectives, plans, strategic priorities and other statements that are not historical facts, are forward-looking. ...

Core Insights - Verizon reported better-than-expected earnings and revenue for the second fiscal quarter, driven by strong acquisition momentum in the broadband segment [1] - The company raised its free cash flow outlook for FY 2025, indicating a positive dividend coverage ratio [1] Financial Performance - Verizon's earnings and revenue exceeded market expectations for the second fiscal quarter [1] - The strong performance in the broadband segment contributed significantly to the overall results [1] Future Outlook - The increase in free cash flow outlook for FY 2025 suggests improved financial health and potential for sustained dividends [1]

Core Insights - Rogers Communications Inc. reported strong financial performance in the second quarter of 2025, with growth across Wireless, Cable, and Media segments, and significant free cash flow generation [5][6][25] - The company completed a transformational investment by acquiring a 37.5% stake in Maple Leaf Sports & Entertainment (MLSE), increasing its ownership to 75% [3][14] - The updated 2025 outlook reflects the impact of the MLSE acquisition, with total service revenue expected to grow by 3% to 5% [7][21] Financial Performance - Total revenue for Q2 2025 was CAD 5,216 million, a 2% increase from CAD 5,093 million in Q2 2024 [8][41] - Total service revenue also increased by 2% to CAD 4,668 million, with adjusted EBITDA rising by 2% to CAD 2,362 million [8][41] - Free cash flow reached CAD 925 million, up 39% year-over-year [6][31] Segment Performance Wireless - Wireless service revenue increased by 1% to CAD 1,999 million, with adjusted EBITDA rising by 1% to CAD 1,305 million [44][41] - The company added 61,000 mobile phone subscribers, including 35,000 postpaid subscribers, with a postpaid churn rate of 1.00% [6][46] - Mobile phone blended ARPU was CAD 55.45, reflecting competitive market conditions [6][46] Cable - Cable service revenue increased by 1% to CAD 1,961 million, with adjusted EBITDA up 3% to CAD 1,147 million [52][41] - Retail Internet net additions were strong, with 26,000 new subscribers [6][52] - The company reported a decrease in video subscribers, with net losses of 25,000 [52][56] Media - Media revenue surged by 10% to CAD 808 million, driven by expanded content and strong NHL playoff audiences [6][63] - Adjusted EBITDA for the Media segment was CAD 5 million, a significant improvement from a loss in the previous year [63][41] - The company aims to unlock value from its sports assets, including the newly acquired MLSE [14][17] Strategic Developments - The company has made significant investments in network infrastructure, including the deployment of 5G technology and expansion of fibre networks [11][68] - Rogers became the first Internet provider in Canada to deliver WiFi 7, enhancing customer experience [11] - The company is focused on bridging the digital divide by expanding its network into underserved areas [69][70] Capital Expenditures - Total capital expenditures for Q2 2025 were CAD 831 million, a decrease of 17% from CAD 999 million in Q2 2024 [65][41] - The company continues to prioritize capital investments in network development and efficiency [70][71] - Capital intensity decreased to 15.9% from 19.6% year-over-year, reflecting improved capital management [65][73]

Many income investors love Verizon Communications (VZ 1.11%) stock. It's easy to see why. After all, the telecom giant pays a juicy forward dividend yield of 6.4% at the current stock price. Verizon has also increased its dividend for 18 consecutive years. The company provided its 2025 second-quarter update on July 21. And income investors now have even more to love about this ultra-high-yield dividend stock. 2 billion more reasons to buy Verizon It might sound a little gimmicky to say that there are now 2 ...

Group 1 - The company reported a continued growth in Group service revenue of 3.7% year-on-year, driven by all segments [2] - Consumer service revenues increased by 1.3% year-on-year, with solid commercial momentum in Consumer broadband (13,000 new subscribers) and postpaid (37,000 new subscribers) [2] - Business service revenue growth remains high at 5.7% year-on-year, supported by all divisions [2] Group 2 - Adjusted EBITDA AL increased by 6.4% year-on-year in Q2 2025, with contributions of 1.4% from IPR benefits and 1.0% from Althio [2] - The first half of Free Cash Flow reached €309 million, progressing according to plan [2] - The company leads the Dutch fiber market, now covering two-thirds of the Netherlands [2] Group 3 - The full-year 2025 outlook has been raised to over €2,630 million in adjusted EBITDA AL and over €940 million in Free Cash Flow, reflecting both IPR benefits and solid underlying progress [2]

Core Insights - Verizon's stock is positioned for significant growth due to favorable valuation, yield, business traction, and analyst sentiment [1] - The company is experiencing revenue growth, improving cash flow, and increasing capital returns annually [1] Financial Performance - Verizon reported a 5% revenue growth in Q2, exceeding consensus estimates by 235 basis points, driven by strong performance in the wireless segment [10] - Equipment sales grew over 25% year-over-year, while services saw a smaller increase of 2.2% [10] - Key financial metrics such as EBITDA, adjusted EBITDA, earnings, cash flow, and free cash flow all improved compared to the previous year [5] Balance Sheet and Cash Flow - The company improved its balance sheet in the first half of the year, reducing liabilities significantly while maintaining dividend payments [6] - Equity increased by 4%, indicating improved leverage despite a reduction in cash and assets [6] Market Sentiment and Analyst Ratings - Following the Q2 report, Verizon's stock price rose nearly 5%, indicating bullish market sentiment and strong support levels [7] - Analysts maintain a Moderate Buy rating, with a 12-month price target of $47.33, suggesting a potential upside of 10.63% [12] - Analyst trends are robustly bullish, with increasing coverage and sentiment likely to remain positive into Q3 [15] Future Outlook - The company is well-positioned to sustain dividend payments and growth into the next decade, with raised guidance for margins and earnings [13] - Expected growth in IoT, supported by AI advancements, may lead to outperformance against current targets [14]

Core Insights - Verizon Communications reported a strong second-quarter performance with a revenue growth of 5.2% year-over-year, reaching $34.50 billion, surpassing analyst expectations [1][4] - The company has revised its full-year guidance upwards, indicating improved financial outlooks for adjusted EBITDA, EPS, and free cash flow [11][12] Financial Performance - Quarterly revenue of $34.50 billion was 2.2% above consensus estimates, driven by robust wireless equipment sales [4] - Adjusted EBITDA increased by 4.1% to $12.8 billion, and adjusted EPS of $1.22 exceeded expectations by 3% [4] - Free cash flow reached $5.2 billion, surpassing the forecast of $4.8 billion, aided by lower capital expenditures of $3.8 billion [4] Growth Projections - Verizon expects free cash flow for 2025 to be between $19.5 billion and $20.5 billion, an increase from previous estimates of $17.5 billion to $18.5 billion [3] - The company anticipates adjusted EBITDA growth of 2.5% to 3.5% and adjusted EPS growth of 1% to 3% for fiscal 2025 [11] Subscriber Metrics - Postpaid phone net losses were 9,000 in the second quarter, with a churn rate of 0.97%, reflecting competitive pressures [6] - Consumer revenue rose by 6.9% to $26.6 billion, driven by a 30% increase in equipment revenue [8] - Broadband net additions of 293,000 fell short of expectations due to softer demand and nearing saturation in C-Band coverage [9] Strategic Focus - The company is shifting its strategy to prioritize service revenue and EBITDA growth over postpaid phone net additions [5] - Verizon aims for disciplined, high-margin subscriber growth, avoiding aggressive marketing tactics [13] - The company is investing in AI-driven infrastructure to support long-term growth while managing short-term subscriber pressures [10] Market Position - Verizon's stock is trading higher, reflecting positive market sentiment following the strong quarterly results [16] - The stock offers an attractive dividend yield of approximately 6.5%, positioning it as a defensive holding with stable domestic revenue [13]

Core Insights - The report provides an executive-level overview of the telecommunications market in China, including detailed forecasts of key indicators up to 2029 [2][9] - It highlights the competitive dynamics and evolution of demand by service type and technology/platform across various segments [2][9] Market Highlights - Fixed broadband service revenue is projected to decline at a CAGR of 1.3% during the forecast period due to a significant drop in fixed broadband ARPU as telecom operators offer discounted broadband services [4] - Total telecom and pay-TV service revenue in China is expected to grow at a CAGR of 0.5% from 2024 to 2029, primarily driven by mobile data and pay-TV segments [5] - Mobile data service revenue is forecasted to grow at a five-year CAGR of 5%, supported by the increase in smartphone subscriptions and mobile internet usage, particularly on 5G networks [5] Operating Environment - The report includes an analysis of the demographic and macroeconomic context in China, as well as a review of the regulatory environment and trends over the next 18-24 months [8] - It examines the competitive landscape, focusing on the positioning of leading players in the telecom and pay-TV services market, along with subscription market shares across segments [8][11] Telecom Services Market Outlook - The report provides historical figures and forecasts of service revenue from fixed telephony, broadband, mobile voice, mobile data, and pay-TV markets [8][11] - It offers company snapshots analyzing the financial position of leading service providers in the telecommunications and pay-TV markets [8][11]