5G的巨額資本支出未能推動收入成長:新資料，通訊業者大幅依賴1次為限的終端銷售

2022年9月期3個月的通訊業者部門的總收入，2021年從第3季減少了6.5％。這個減少，持續到2022年第2季減少6.1％。這些減少，是服務收入低迷的主要原因。

本報告提供全球通訊業者的相關調查，各市場區隔收益趨勢，支出的影響，及加入此市場的主要企業概要等。

刊載企業

目錄

摘要

設備佔通訊事業收益的11％以上

新的資料集概要

• 各市場區隔收益結果(2011年～2022年)
• 各類型的企業等級的收益
• 公司等級的設備的各種貢獻
• 支出的影響

附錄

This brief presents a new data series compiled by MTN Consulting. We already publish quarterly total revenues for the global telco market. This new series provides a breakdown of revenues into several categories: services, equipment (devices, handsets, CPE), wholesale/infrastructure, and all other. The purpose is to understand real underlying trends in service revenues.

For the 3 months ended September 2022, total revenues for the telecommunications network operator (telco) sector declined 6.5% from 3Q21. This decline followed a similar 6.1% dip in 2Q22. These declines are largely due to weak service revenues. In 3Q22, for instance, service revenues dropped 7% YoY, while equipment revenues grew 2%. Services account for nearly 90% of revenues, so they tend to drive the average, but volatility in equipment revenues can be significant and impact the sector's growth curve. With the rollout of 5G networks and availability of new devices, there has been a pickup in equipment revenues over the last 2 years. For the 3Q20 annualized period, equipment accounted for 9.4% of total revenues, but this has steadily grown since then, to 11.2% in 3Q22. Annualized equipment revenues for telcos were $204.6B in the 3Q22 annualized period, up 23% from 3Q20's $166.7B. In the same timeframe, annualized services revenues grew less than 1%.

In general, telcos do not prioritize profitability when it comes to selling equipment. Their main priority is signing up and retaining subscription customers, who drive their service revenues. As such, big jumps in equipment revenues don't necessarily help profits. They are nice, but don't guarantee growth in related service revenues. It's more important to focus on service revenues in assessing the health of the telco sector. That's particularly important now, as telcos have spent heavily on their networks to deploy 5G. Telco capital intensity, or capex/revenues, reached an all-time high in 3Q22 of 17.9% (annualized), up from 16.8% in 3Q21. Telcos, and their investors, expect new revenue streams to result from these buildout costs. So far, 5G has not delivered.

Companies Mentioned:

Table of Contents

Summary

Equipment accounts for >11% of telco revenues

Overview of the new dataset

• Segment revenue results for 2011-22
• Company level revenues by type
• Equipment's varying contribution at the company level
• Implications for spending

Appendix

List of Figures

• Figure 1: Telco revenues by segment, 4Q11-3Q22 annualized (US$M)
• Figure 2: YoY growth in annualized revenues by type
• Figure 3: Equipment as a share of total revenues, annualized