Core Viewpoint - Verizon Communications reported solid third-quarter 2025 results, with strong wireless service revenues but missed revenue estimates, leading to questions about future performance [3][6][17]. Financial Performance - Verizon's Q3 2025 net income was $5.06 billion or $1.17 per share, up from $3.41 billion or $0.78 per share year-over-year, driven by top-line growth and lower operating expenses [5]. - Total operating revenues increased by 1.5% to $33.82 billion, but fell short of the consensus estimate of $34.18 billion [6]. - Adjusted earnings were $1.21 per share, beating the Zacks Consensus Estimate by 2 cents [5]. Segment Results - Consumer segment revenues rose 2.9% year-over-year to $26.1 billion, exceeding estimates, with service revenues up 2.1% to $20.34 billion [7]. - Business segment revenues declined 2.8% to $7.14 billion, below estimates, due to lower wholesale and enterprise revenues [10]. Subscriber Growth - Verizon achieved 261,000 net additions in fixed wireless access, bringing the total subscriber base to nearly 5.4 million, on track to meet its 2028 target of 8 to 9 million subscribers [4]. - Wireless retail postpaid churn was 1.12%, with 110,000 wireless retail postpaid net additions in the business segment [8][10]. Operating Metrics - Total operating expenses decreased by 6.2% to $25.72 billion, while operating income improved by 36.8% to $8.1 billion [12]. - Consolidated adjusted EBITDA increased to $12.77 billion, reflecting growth in wireless service revenues [12]. Cash Flow and Guidance - Verizon generated $28 billion in net cash from operating activities for the first nine months of 2025, with free cash flow of $6.96 billion for the quarter [13]. - For 2025, Verizon expects wireless service revenue growth of 2%-2.8% and adjusted EBITDA growth of 2.5%-3.5% [14]. Market Position - Verizon's stock has a subpar Growth Score of D and a strong value score of A, placing it in the top 20% for value investors [16]. - The stock has a Zacks Rank 3 (Hold), indicating an expected in-line return in the coming months [17].

Core Viewpoint - America Movil has shown a positive trend in its stock performance, with shares increasing by approximately 3.2% since the last earnings report, outperforming the S&P 500 [1][2]. Financial Performance - For Q3 2025, America Movil reported a net income per ADR of 40 cents, significantly up from 11 cents in the same quarter last year, exceeding the Zacks Consensus Estimate of 36 cents [3]. - The net income for the quarter was Mex$22,700 million, compared to a net loss of Mex$6,427 million in the prior year, with comprehensive financing costs decreasing by 54.5% to Mex$12,899 million [4]. - Total quarterly revenues rose by 4.2% to Mex$232,919 million, driven by growth in both Service and Equipment segments [5]. Subscriber Growth - America Movil gained 235,000 wireless subscribers in Q3, including 98,000 postpaid and 136,000 prepaid subscribers, with significant contributions from Brazil and Colombia [6]. Regional Performance - Colombia experienced a revenue increase of 5.9%, with mobile service revenue growth at 7.8% due to the strong performance of its 5G network [8]. - Argentina's revenues grew by 7% year over year, supported by a recovering economy and strong mobile service revenue growth of 12% [9]. - Central America saw a revenue increase of 10.8%, while other regions like Brazil and Peru also reported positive growth [10]. Cost and Profitability - Total costs and expenses increased by 3.8% to Mex$139,096 million, while EBITDA rose by 5.2% to Mex$93,823 million, maintaining an EBITDA margin of 40.3% [11]. - The operating profit increased by 5.6% to Mex$50.1 billion [12]. Liquidity Position - As of September 30, 2025, America Movil had Mex$96,588 million in cash and short-term investments, against long-term debt of Mex$463,103 million [13]. Market Sentiment and Outlook - There has been a significant upward trend in earnings estimates, with a consensus estimate shift of 152.94% [14]. - America Movil holds a Zacks Rank 2 (Buy), indicating expectations for above-average returns in the coming months [16].

Core Insights - Charter's Q3 results met revenue expectations but fell short on non-GAAP profit, with adjusted EPS below consensus [1][6] - The company faces ongoing competition in the broadband market, subdued new customer acquisition activity, and a challenging advertising environment [1][6] - Improvements in video customer retention were noted, driven by product enhancements and bundling initiatives [1] Financial Performance - Revenue for Q3 was $13.67 billion, slightly below analyst estimates of $13.73 billion, remaining flat year on year [6] - Adjusted EPS was reported at $8.34, missing analyst expectations of $9.32 by 10.5% [6] - Adjusted EBITDA was $5.56 billion, compared to estimates of $5.61 billion, with a margin of 40.7% [6] - Operating margin decreased to 22.9% from 24.2% in the same quarter last year [6] - Internet subscribers totaled 29.79 million, reflecting a decline of 463,000 year on year [6] - Market capitalization stands at $28.19 billion [6] Management Commentary - CEO Christopher Winfrey highlighted that low move rates and increased competition constrained subscriber growth [1][6] - Management acknowledged that churn is low, but competition and macro trends limit gross additions [6] - CFO Jessica Fischer noted that some new marketing offers reduced ARPU without delivering expected sales, leading to their removal [6] - Winfrey emphasized that Charter's pricing strategy remains disciplined, focusing on value-driven packaging [6] - Recent promotional bundling is seen as targeted offers to maximize ARPU and retention for specific customer segments [6] - Fischer stated that Charter aims for a lower leverage ratio post-Cox acquisition, balancing deleveraging with capital returns [6]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion in Q3 2025, marking a return to year-over-year growth driven by improved B2B trends [4][18] - Adjusted EBITDA reached $433 million, reflecting a year-over-year growth of 7% [5][18] - Adjusted EBITDA less P&E additions improved by 22% year-over-year, totaling $284 million [18][29] Business Line Data and Key Metrics Changes - The Cable & Wireless credit silo, which includes Liberty Caribbean, C&W Panama, and Liberty Networks, generated $662 million in revenue, reflecting a year-over-year rebase increase of 4% [24] - Liberty Caribbean reported $369 million in revenue with 3% growth year-over-year, while adjusted EBITDA was $173 million, representing 10% rebase growth [20][21] - C&W Panama delivered $199 million in revenue and $72 million in adjusted EBITDA, with year-over-year rebase growth of 6% and 4% respectively [22] - Liberty Networks generated $117 million in revenue and $65 million in adjusted EBITDA, with year-over-year rebase increases of 6% and 10% respectively [23] Market Data and Key Metrics Changes - Postpaid mobile additions exceeded 100,000 across the group, with Costa Rica being a significant contributor [4] - In Puerto Rico, mobile performance showed stability with lower postpaid losses compared to Q2 [16] - The broadband subscriber base in Liberty Caribbean remained flat, with gains in Jamaica offset by declines in Trinidad [6][7] Company Strategy and Development Direction - The company is focused on organic growth and cash flow generation, aiming to close the embedded discount in its stock price [6][29] - There is a strong emphasis on cost reduction and efficiency programs to support adjusted EBITDA and cash flow into 2026 [29] - The company is also pursuing strategic initiatives and optimizing capital allocation to enhance shareholder value [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by Hurricane Melissa but expressed confidence in the resilience of employees and the recovery efforts [3][28] - The company anticipates adverse impacts on RGUs, revenue, and adjusted EBITDA in Q4 due to the hurricane [22] - Management remains optimistic about the commercial plans for both B2B and residential segments, particularly during the holiday season [29] Other Important Information - The company has a total debt of $8.4 billion and cash of $600 million as of September 30 [26] - A parametric insurance program is in place to mitigate losses from natural disasters, with an expected payout of $81 million from Hurricane Melissa [27][28] Q&A Session Summary Question: Timing and progress of cost-cutting initiatives - Management indicated that cost-cutting initiatives started 20 months ago and are expected to continue into 2026, with a focus on various operational costs [31][32] Question: Margin drivers for Liberty Networks - Management highlighted that margin expansion in Liberty Networks is driven by improved debt management and a shift towards monthly recurring revenue [32][34] Question: Additional margin expansion in Puerto Rico - Management expects continued margin expansion in Puerto Rico through cost management and revenue growth initiatives [35][36] Question: Competition in Puerto Rico's fixed business - Management noted increased competition primarily from traditional cable operators, with a focus on new product launches to enhance competitiveness [39][40] Question: Network rebuilding in Jamaica post-hurricane - Management is still assessing the extent of network damage in Jamaica, with ongoing recovery efforts supported by partners [42][43] Question: Partnership with Starlink - Management described the partnership with Starlink as beneficial for providing connectivity during outages, particularly for B2B customers [43][44]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $2.1 billion, a decline of 5.4% year-over-year, primarily driven by video cord cutting, which accounted for nearly 6% of total declines [15][16] - Adjusted EBITDA was $831 million, down 3.6% year-over-year, but showed a 3.3% sequential improvement compared to Q2 2025 [18][22] - Gross margin reached an all-time high of 69.7%, expanding by 160 basis points year-over-year, reflecting a shift away from video [17][24] - Adjusted EBITDA margin improved to 39.4%, the highest in two years, indicating progress in operational efficiency [18][22] Business Line Data and Key Metrics Changes - Video revenues declined close to 10%, contributing significantly to overall revenue declines, while mobile service revenue grew by 38% [7][15] - LightPath revenue increased by almost 6%, and underlying news and advertising revenue, excluding political ads, grew nearly 9% [7][15] - The company lost 58,000 broadband subscribers in Q3, reflecting ongoing competitive pressures [9][10] Market Data and Key Metrics Changes - Competitive intensity increased significantly in September, with competitors ramping up marketing spend and aggressive offers [5][30] - The market remains characterized by historically low growth and heightened competition, particularly from fixed wireless and fiber overbuilders [9][10] Company Strategy and Development Direction - The company is focused on evolving its go-to-market and base management strategies to improve broadband performance and revenue trajectory [6][10] - A disciplined approach prioritizing financial stability and margin protection over subscriber growth is being emphasized [5][30] - The company plans to enhance its product offerings and customer experience to rebuild trust and drive long-term growth [14][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by competitive pressures and macroeconomic conditions but expressed confidence in achieving the full-year adjusted EBITDA target of approximately $3.4 billion [4][22] - The company expects to see a path to slowing revenue decline in core residential and B2B businesses, with a focus on disciplined R2 management and value-added services [18][43] - Management highlighted the importance of maintaining discipline in subscriber acquisition costs and avoiding low-value gross ads [30][34] Other Important Information - The company announced a rebranding from Altice USA to Optimum Communications, effective November 7, 2025, with a new ticker symbol OPTU [28][29] - Capital expenditures for 2025 are projected to be approximately $1.3 billion, reflecting increased investment in LightPath and network upgrades [25][26] Q&A Session Summary Question: Broadband subscriber trends and competitive pressures - Management acknowledged the widening net losses in broadband subscribers due to increased competitive intensity and aggressive offers from competitors [30][31] Question: Cost structure and EBITDA guidance - Management provided insights on operating expense moderation and emphasized the importance of maintaining discipline in subscriber acquisition costs [31][37] Question: Pricing environment and competitive dynamics - Management discussed the need for a balanced approach to pricing and volume, emphasizing the importance of quality and value in their offerings [56][58] Question: Update on low-end product for rural areas - Management reported double-digit improvement in sales and connect rates for the income-constrained product and plans to scale it further [48][49] Question: 2027 debt maturity wall - Management refrained from discussing specific capital structure details but emphasized a disciplined approach to managing financials [52][53]

Core Viewpoint - Hong Kong Broadband (01310) has seen a nearly 3% increase in stock price, attributed to recent financing developments and positive financial performance indicators [1] Financial Performance - The company has secured a total of HKD 10.75 billion in term loan financing [1] - Morgan Stanley noted that the company recently completed a debt refinancing of HKD 10.7 billion, which will incur a one-time cost of HKD 140 million but is expected to lower interest expenses [1] - For the full year, service revenue grew by 13% year-on-year, surpassing Morgan Stanley's forecast of 8.4%, primarily driven by a HKD 360 million increase in IDD revenue and a 14% year-on-year growth in SI revenue [1] - Adjusted EBITDA met Morgan Stanley's expectations, while adjusted free cash flow increased by 11% year-on-year to HKD 551 million, exceeding Morgan Stanley's forecast by 8% due to reduced interest costs [1]

Core Viewpoint - Hong Kong Broadband (01310) announced a final dividend of HKD 0.189 per share, to be distributed on January 6, 2026 [1] Company Summary - The company is set to distribute a final dividend of HKD 0.189 per share [1]

Core Viewpoint - Hong Kong Broadband reported a 4% year-on-year increase in total revenue for the fiscal year ending August 31, 2025, reaching HKD 11.129 billion [1] Financial Performance - EBITDA increased by 4% to HKD 2.451 billion [1] - Adjusted free cash flow grew by 9% to HKD 0.677 billion [1] - Net profit surged from HKD 10 million to HKD 207 million, primarily due to the increase in EBITDA and a reduction in financing costs [1]

Core Insights - The company experienced a loss of 104,000 subscribers in its domestic broadband business during the third quarter, indicating a downward trend that is expected to persist [1] Summary by Category - **Subscriber Loss** - The company lost 104,000 subscribers from its crucial domestic broadband business in the third quarter [1] - A downward trend in subscriber numbers is predicted to continue [1]

Core Viewpoint - Shares have decreased by 24% this year, primarily due to investor concerns regarding a decline in broadband subscriber numbers [1] Group 1 - The significant drop in share price reflects investor anxiety about the company's future performance [1] - The decline in broadband subscriber numbers is a critical factor influencing investor sentiment [1]