Analysis Branch
50-megapixel flagship image 5000mAh large battery 6.8-inch 120Hz high refresh screen dual-SIM Motorola/Lenovo g51 on sale for 618. There’s a huge inventory buildup at Chinese phonemakers so I expect some great prices.
Honor, the Huawei spinoff, Xiaomi/Redmi, &Oppo have $177 models. Realme offers a $190 unit.
5G phones have won. > 70% in US, UK, and Japan. >50% worldwide. Little saving buying 4G so 5G is taking over. It still does nothing important.
T-Mobile US sees an enormous jump in cash as it reduces capex after the mid-band build. CEO Mike Sievert says:
I mean the cash is there in our plan. And at ’23-’24 and ’25, as we said in last year, we saw our way and see our way to $65 billion in cash flow in those years. And so the cash is there in the plan.
Where will the money go? Sievert:
Continue readingwe see an aspiration for $60 billion in buybacks in ’23-’24 and ’25
“2023 capital will be lower,” CEO Mike Sievert told investors. Deutsche Telekom, Verizon, and AT&T intend to reduce capex. Japanese giant NTT has already cut capex despite the 5G buildout.
TMO was first to widespread mid-band, more than doubling capacity. Mid-band Massive MIMO yields more capacity than most telcos can sell into late in the decade.
Over-capacity, not network buildout, is the biggest problem telcos face today.
From Sievert
This year is sort of a peak capital year with well over $13 billion in capital, but it will go down now to support this business plan because we’re through the major part of the integration, ’23 capital will be lower. And you start to see EBITDA will be higher and you start to see the cash unlock start to take off.