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1、COREU.S.Comm.Infrastructure&TechnologyTheRozReport:WhatHaveWeLearnedfromEarningsThusFarAmajorityofcomm.infrastructureprovidershaveyettoreportearnings.However,INDUSTRYUPDATEU.S.TelecomServicesNEUTRALUnchangedEquityResearch30July2018resultsfromseveralserviceprovidersandte
2、chnologyvendorsalikehaveprovidedanumberofinsightsintoseveralkeytrendsthataretopofmindforinvestors.Whiletherearenotablenuancesamongdifferentoperators,atahighlevel,smallcellandfiberdeploymentscontinuetopercolatetothetopofserviceprovideragendas,5Gdeploymentsremainontrackwith
3、priortimelines,andtheproliferationofintelligentedge,softwaredesignednetworksseemstobehelpingtotempertheprospectofupwardcapexpressure.Moreover,theextendedhandsetupgradecycleimpactingthebroadertelecomindustryremainsinplaceevidencedbycontinuedupgraderatepressureatbothAT&Tand
4、Verizon.TheEarningsRundown:VerizonguidedtothelowendofitsFY18capexbudgetcitingashiftinthecompositionofspendingtowardssmallcelldensification(vs.macrositeinvestmentsinprioryears)whileAT&Treiterateditsexpectationtoinvest$25Bn($22BnnetofFirstNetreimbursements)in2018,whichisupf
5、rom$21.5Bnand$20.6Bnin2016and2017,respectively.Incontrast,withthestablespendingtrendsnotedbylargeNorthAmericancarriers,commentarybytelecomequipmentvendorswassurprisinglyoptimistic.Indeed,bothEricssonandNokia(coveredbyourcolleagueAndrewGardiner)expectacceleratingbusinessin
6、NorthAmericain2Hasaresultof5Gwins.5GGainingMomentum:EchoingcommentaryfromVerizon,CrownCastlenotedthatallfourwirelesscarriersaredeployingsmallcellsinthetopmarketsacrossthecountry.Whileashiftincarriercapexspendingtowardsdensification(fiber/smallcells)hasconcernedsomeinvesto
7、rsthatmacrositespendingcouldmoderate,CrownCastlereportedhealthyresultsinitsmacrositebusiness.HandsetUpgradeRatesRemainTempered:BothAT&TandVerizonreportedtemperedsmartphoneupgradesfor2Q18,withatotalof8.5Munitsonacombinedbasis,down8%Y/Yandthelowestupgradelevelinsevenyears.S
8、martphoneactivationscontinuedtheirdownwardtrendsasthetwocarrierssoldatotalof13.3Munitsin2Q18,a5%
