Core Insights - Telenor's annual Nordic security report emphasizes the need for a coordinated regional approach to security amid rising geopolitical tensions and digital threats [1][2] - The report identifies six main security risks that the Nordic region must prepare for, highlighting the interdependence of critical services [3][6] Security Risks - The six main threat categories identified are: 1. Destructive cyberattacks 2. Sabotage of digital and physical infrastructure 3. Foreign influence and disinformation campaigns 4. Intelligence operations targeting critical infrastructure 5. Organised digital financial crime 6. Advanced online fraud [6] Resilience and Preparedness - Telenor stresses that resilience requires long-term investment, preparedness, and coordination between governments and industry [5] - The report calls for predictable funding, aligned frameworks, and operations to ensure effective regional response during crises [5] Hybrid Threats and Critical Infrastructure - Hybrid threats are reshaping the security landscape, with state-backed and criminal actors blurring the lines between different types of attacks [7] - Critical infrastructure, including subsea cables and mobile networks, is identified as a strategic battleground and prime target for attacks [7] Data Sovereignty and Regional Cooperation - Data sovereignty is becoming a crucial issue, prompting investments in sovereign or regionally governed cloud solutions [7] - The report highlights the importance of Nordic alignment, shared situational awareness, and joint exercises to meet NATO's resilience objectives [7] Recommendations for Strengthening Resilience - The report includes recommendations for governments and operators to enhance preparedness and build lasting resilience across the Nordic region [8] - Key recommendations include making resilience a Nordic priority, aligning frameworks across borders, and strengthening information sharing [9]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was 3,978.1 billion, representing a 12.2% decline year-on-year, primarily due to a 50% tariff discount in August and various membership discounts [8][10] - Operating income dropped significantly by 90.9% year-on-year to 48.4 billion, reflecting the adverse financial impact of the cybersecurity incident [10] - Net income turned negative due to penalties associated with the cybersecurity incident [11] Business Line Data and Key Metrics Changes - The number of 5G subscribers increased by approximately 240,000 in Q2 to 17.26 million, indicating a gradual recovery in the fixed and mobile business [18] - Revenue from the AI business grew by 35.7% year-on-year, contributing positively to the company's overall performance [24] - AI Data Center revenue rose by 53.8% year-on-year to 149.8 billion, driven by the acquisition of the Pan-gil Data Center [27] Market Data and Key Metrics Changes - The company is focusing on expanding its customer base through the launch of AIR, a digital communication service aimed at users of unlocked devices [20][62] - The AI business is being reorganized into a more cohesive structure, enhancing efficiency and competitiveness in the market [22] Company Strategy and Development Direction - The company aims to restore stability and resume dividend payments while focusing on continuous innovation in information security and customer trust restoration [15][40] - Plans include expanding data center operations and enhancing AI capabilities, with a goal of achieving trillion won level revenue by operating over 300MW of data center capacity by 2030 [76] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging period due to the cybersecurity incident but expressed commitment to turning the crisis into an opportunity for renewed growth [37][42] - The company anticipates a gradual recovery in mobile revenue and aims to return to pre-incident operating profit levels by maximizing cost efficiency [52] Other Important Information - The company decided not to declare dividends for Q3 2025 due to the financial impact of the cybersecurity incident, with future dividends to be reviewed based on performance and cash flow [15][54] - The Ulsan AI Data Center is under construction, with expected profit generation starting in 2027 [74] Q&A Session Summary Question: Dividend focus for Q4 and outlook for 2026 - Management indicated that while Q4 may see continued revenue decline due to ongoing discounts, the impact should be smaller than in Q3, and they aim to restore dividends in line with improved performance [51][55] Question: Customer recovery post-cybersecurity incident - Management reported that customer churn was contained, resulting in a net neutral balance between additions and losses, with a focus on qualitative recovery rather than just numerical [59][60] Question: Progress on Ulsan AI Data Center and future plans - Construction of the Ulsan AI Data Center is progressing smoothly, with expected revenue generation starting in 2027, and plans for additional data center facilities are being explored [73][76] Question: Charging for ADAS service - The company plans to review a B2C paid model for ADAS, targeting a launch in the first half of 2026, while focusing on improving usability and expanding the customer base [83]

Financial Performance - Consolidated revenue decreased by 12.2% YoY to KRW 3.98 trillion [7, 12] - SKT revenue declined by 16.8% YoY to KRW 2.67 trillion, driven by subscriber attrition and the Customer Appreciation Package [7, 12, 15] - Consolidated operating income decreased significantly by 90.9% YoY to KRW 48.4 billion [7, 12] - Consolidated net loss was KRW 166.7 billion, including a KRW 134.8 billion penalty from the Personal Information Protection Commission [12] - Non-consolidated operating loss was KRW 52.2 billion [19] - Non-consolidated net loss was KRW 206.6 billion, also including the KRW 134.8 billion penalty [19] - EBITDA decreased by 34.9% YoY to KRW 946 billion [7] SK Broadband (SKB) Performance - SKB revenue increased by 3.4% YoY to KRW 1.14 trillion [7, 20, 24] - SKB operating income increased slightly by 1.5% YoY to KRW 89 billion [7, 20, 24] Business Highlights - 5G subscribers recovered to pre-cybersecurity incident levels, reaching 17.3 million [27] - AI DC revenue increased by 53.8% YoY [28] - Telecom-related B2B revenue showed a stable trend, increasing by 0.8% YoY [27]

Core Viewpoint - Liberty Latin America Ltd. is collaborating with Starlink Direct to Cell to enhance connectivity services in the aftermath of Hurricane Melissa, providing essential communication services to customers in Jamaica [1] Group 1: Company Initiatives - The partnership with Starlink Direct to Cell aims to deliver critical connectivity services following the impact of Hurricane Melissa [1] - Customers of FLOW Jamaica can now access essential services such as data, SMS, and text communications through Starlink's satellite network [1] Group 2: Leadership Statements - Aamir Hussain, Chief Executive Officer, is involved in the initiative, highlighting the company's commitment to restoring connectivity in affected areas [1]

Core Viewpoint - Verizon Communications reported mixed earnings for Q3, beating earnings expectations but missing revenue forecasts, leading to a 2.1% increase in stock price [1][3]. Financial Performance - Analysts had forecasted earnings of $1.19 per share on $24.3 billion in revenue, while Verizon reported earnings of $1.21 per share but only $33.8 billion in revenue [1][3]. - Year-over-year sales growth was modest at 1.5%, but GAAP profits surged 50% to $1.17 per share, with free cash flow increasing by 9% to $15.8 billion for the first nine months of the year [3][4]. Business Segments - The growth in earnings was attributed to the broadband business, which added 306,000 net customers, while the wireless phone segment saw a slight decline with a net loss of 7,000 postpaid customers, offset by a gain of 47,000 prepaid customers [4]. Future Outlook - Verizon anticipates total wireless revenue growth of 2% to 2.8% by year-end, with free cash flow projected to reach between $19.5 billion and $20.5 billion [5]. - The stock is valued at a price-to-free-cash-flow ratio of approximately 8.5, which is considered reasonable given the 7% dividend yield and the 9% growth in free cash flow [5][6]. Debt Considerations - Verizon carries a significant debt load of $170 billion, which is roughly equal to its market capitalization, leading to a view that the stock may be fairly valued rather than obviously cheap [6].

Core Viewpoint - KT Corporation is transitioning into an AICT company, focusing on integrating IT and AI with telecommunications, while AT&T is enhancing its core wireless business and expanding 5G and fiber coverage in the U.S. [2][7] KT Corporation - KT is developing an AI lineup anchored by its proprietary Mi:dm2.0 large language model, with early contract wins from government and water resource sectors [2] - The company has partnered with Microsoft to integrate AI into its services and plans to introduce a tailored AI model by late 2025 [3] - KT's AI IT business revenues increased by 13.8% year over year, and KT Cloud revenues rose by 23% due to data center growth [3] - The company has a stable dividend policy and a KRW 1 trillion share buyback plan, reflecting confidence in future cash flows [4] - Management has committed KRW 1 trillion over five years for cybersecurity, which may pressure near-term profitability [5] - The domestic telecom market is heavily penetrated, limiting organic growth opportunities, and competition from SK Telecom and LG Uplus poses risks [6] AT&T - AT&T is focusing on its core wireless business and expanding its 5G and fiber coverage, with a strategy based on mobile 5G, fixed wireless, and edge computing [7] - The acquisition of mid-band spectrum from EchoStar is expected to enhance 5G performance and reduce capital investment needs [8] - AT&T reported 270,000 net adds for Internet Air, doubling year over year, and over 550,000 new subscribers to advanced broadband services [9] - The company aims to reach over 60 million fiber customer locations by 2030, with significant growth in fiber subscribers [10] - AT&T generated $4.9 billion in free cash flow in Q3 2025 and returned $3.5 billion to shareholders, indicating strong cash flow generation [11] - The wireline division faces persistent losses, with revenues down 7.8% year over year due to competitive pressures [12] Share Performance and Valuation - Over the past month, KT and AT&T shares declined by 1.9% and 9%, respectively [14] - KT's shares are trading at a price/book ratio of 0.75X, lower than AT&T's 1.45X [16] - Analysts have revised earnings estimates downward for KT, while AT&T's estimates remain unchanged [17][19] Consensus Estimates - Current earnings estimates for KT show a downward revision of 3.21% for F1 and 2.53% for F2 [18] - AT&T's earnings estimates have seen a positive revision trend, particularly for Q1 and F2 [19] Investment Outlook - AT&T holds a Zacks Rank of 3 (Hold), while KT Corporation has a rank of 4 (Sell), suggesting AT&T may be a better investment choice at this time [20]

Core Insights - Verizon Communications Inc. reported strong third-quarter 2025 results with wireless service revenues of $21 billion, reflecting a year-over-year increase of 2.1% [1][4] - Adjusted earnings surpassed the Zacks Consensus Estimate, while total revenues fell short of expectations [1][4] Financial Performance - Net income for the quarter was $5.06 billion, or $1.17 per share, compared to $3.41 billion, or 78 cents per share, in the same quarter last year, driven by top-line growth and reduced operating expenses [3] - Total operating revenues increased by 1.5% to $33.82 billion, but missed the consensus estimate of $34.18 billion [4] - Adjusted earnings were $1.21 per share, slightly above the previous year's $1.19 per share [3] Segment Results - Consumer segment revenues rose by 2.9% year over year to $26.1 billion, exceeding estimates [5] - Business segment revenues declined by 2.8% to $7.14 billion due to lower wholesale and enterprise revenues, falling short of estimates [8] Subscriber Growth - Fixed wireless access net additions reached 261,000, bringing the total subscriber base to nearly 5.4 million, with a target of 8 to 9 million by 2028 [2] - Wireless retail postpaid churn was recorded at 1.12%, while retail postpaid phone churn was 0.91% [6] Operating Metrics - Operating income improved by 36.8% to $8.1 billion, with total operating expenses down by 6.2% to $25.72 billion [11] - Consolidated adjusted EBITDA increased to $12.77 billion, reflecting growth in wireless service revenue [11] Cash Flow and Guidance - Verizon generated $28 billion in net cash from operating activities for the first nine months of 2025, compared to $26.48 billion in the previous year [12] - For 2025, the company anticipates wireless service revenue growth of 2%-2.8% and adjusted EBITDA growth of 2.5%-3.5% [13]

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...

Riddy / iStock via Getty Images After a career spanning two decades at Bear Stearns, Lehman Brothers, and Morgan Stanley, I gained an institutional perspective on dividend stock investing. My tenure at these premier Wall Street firms exposed me to fundamental analysis, credit evaluation, and risk management practices, which directly translate into selecting quality dividend-paying companies. Having witnessed firsthand the 2008 financial crisis and its aftermath—including the collapse of Bear Stearns and Le ...

分组1 - Nvidia is set to open with a $5 trillion market cap, marking the first company to reach this milestone, following a record high stock close after announcing new technologies and partnerships at its GTC event [1][6][36] - CEO Jensen Wang indicated that data center revenue for Nvidia could exceed Wall Street's expectations, with projections suggesting over $500 billion in revenue from new chips [2][8][9] - Nvidia has formed partnerships with companies like Uber and Lucid, and is exploring autonomous flight with Joby, contributing to positive market sentiment [10][11] 分组2 - The Federal Reserve is expected to cut interest rates by a quarter percentage point, with a focus on the implications of this decision during the press conference [3][25][30] - Boeing reported a revenue increase of 30% year-over-year but faced a core loss per share due to a $4.9 billion charge related to delays in the 737X jet certification [17][18] - Caterpillar exceeded earnings estimates driven by rising demand for energy equipment, particularly in AI data centers [34] 分组3 - Major tech companies including Alphabet, Meta, and Microsoft are set to report earnings, with high expectations surrounding their performance [13][14] - Fiserv's shares dropped nearly 40% after cutting its full-year profit forecast, following a 3% revenue decline in its financial solutions segment [35]