T updates investment, capex guidance for FY21
At today's Oppenheimer conference CFO Pascal Desroches indicated that AT&T has good momentum as the company continues to successfully execute in its market focus areas of 5G, fiber and HBO Max. At the same time, AT&T continues to invest in its network and the creation of compelling content.For full-year 2021, AT&T expects gross capital investment1 to be in the $22 billion range, capital expenditures in the $17 billion range and cash content spend of approximately $19 billion.In wireless, Desroches said he expects strong demand for mobile services and AT&T's consistent go-to-market strategy will enable the company to sustain profitable postpaid subscriber growth in the second half of 2021. The wireless landscape remains highly competitive as operators look to capitalize on healthy industry demand. Desroches noted that AT&T expects this competitive intensity to continue at current levels and factored this expectation into its reiterated guidance for full-year 2021 service revenue growth of 3%, up from 2% previously, and low single-digit mobility EBITDA growth.