Latest AT&T customer news: AT&T spending $23 billion on wireless spectrum in auction, though not near as much as Verizon

From Dallas Business Journal:

AT&T is spending more than at least some expected on wireless network spectrum, yet a key rival is spending nearly twice as much.

The Dallas-based telecommunications company will shell out $23.4 billion for the portion of a wireless “C-Band” auction, according to a statement for the Federal Communications Commission. That’s more than $20 billion expected by at least a couple of analysts.

Still, that’s less than the $45.5 billion that competitor Verizon is anteing up to bolster network capabilities. T-Mobile, already a strong player in this arena, had bids that totaled less than $10 billion, analysts said.

“Verizon and AT&T spent above our above-Street estimates, pressuring their balance sheets,” analysts at Credit Suisse wrote in a note. “In our view this is a minor incremental negative for both, as we see little near-term revenue potential for this spectrum.”

Continue reading AT&T spending $23 billion on wireless spectrum in auction, though not near as much as Verizon on Dallas Business Journal

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