电信网路营运商市场回顾（2024年第2季）：资本投资连续5季下降，以年化计算约3,000亿美元，营收年减1.4%，但有逐步改善的迹象。

本报告回顾了电信网路营运商市场的成长和发展。本报告追踪了2011年第一季至2024年第二季全球 140 家营运商的广泛财务统计资料。

2024年第二季电信网路营运商年化收入为1.77兆美元（年增0.1%），人员费用为2629亿美元（年增2.1%），资本投资3007亿美元，下降6.9%。截至2024年6月员工人数约448万人，较前一年减少1.2%。

资讯图表

主要亮点：

• 营收：该航空公司的营收年减 1.4%，至 4,378亿美元。2024年第二季年化营收为17,683亿美元，年增0.1%。在营运商层面，2024年第二季营收成长（年化）前20名的公司中的5家是America Movil（8.0%）、STC（沙乌地电信）（5.8%）和BT（4.7%）、Telefonica （3.6%）。依照相同标准，同期成长最慢的是、NTT（-5.7％）、KDDI（-5.4％）、SoftBank（-4.7％）、Vodafone（-1.7％）、China Unicom（-1.6％）。
• 资本投资：截至2024年 6月的年度资本投资为 694亿美元，比去年同期下降 8.0%。2024年第二季资本支出年化为3,007亿美元，较去年同期下降6.9%。
• 财产税/人员费用：2024年第二季电信业年化总OPEX为1,5027亿美元，较去年同期小幅成长0.4%。剔除折旧及摊销后，总营运成本较去年同期成长1.2%至11,722亿美元。电信OPEX的关键要素之一是人员成本，包括薪资、薪资、奖金、福利、退休/退休福利等。2024年第二季年化人员费用年增2.1%，人员费用占OPEX（不含D&A）的比例从2023年第二季的22.2%年化上升至2024年第二季本季略有上升至22.4 %。电信业从业人员448万人，年减1.2%。
• 利润率：2024年第二季的EBITDA 利润率和 EBIT 利润率以年化计算均较上季略有成长。与去年同期相比，结果好坏参半。年化息税前利润率从2023年第二季的15.3%下降至2024年第二季的15.0%，而2024年第二季 EBITDA 利润率年化率为 34.4%，高于 33.7%。
• 地区趋势：美洲地区超越亚洲，重新夺回最大地区的地位，2024年第二季的营收占有率为 37.3%。然而，从资本投资的角度来看，亚洲超过了美洲，最新季的占有率为 36.5%。2024年第二季，欧洲的年化资本强度最高，为 18.4%，其次是中东和非洲，为 17.4%。

目标业务业者

目标区域

目次

第1章 总结

第2章 市场概况

第3章 分析

第4章 截至2024年第二季的主要统计

第5章 劳动统计

第6章 营运商排名

第7章 公司深入分析

第8章 企业基准测试

第9章 依国家细分

第10章 依国家细分：依公司

第11章 区域细分

第12章 原始资料

第13章 订阅者/流量

第14章 汇率

第15章 研究方法/范围

第16章 关于本公司

This report reviews the growth and development of the telecommunications network operator (TNO, or telco) market. The report tracks a wide range of financial stats for 140 telcos across the globe, from 1Q11 through 2Q24. For the annualized 2Q24 period, telcos represented $1.77 trillion (T) in revenues (0.1% growth YoY), $262.9 billion (B) in labor costs (2.1% YoY), and $300.7B in capex (-6.9% YoY). They employed approximately 4.48 million people as of June 2024, down 1.2% from the prior year.

INFOGRAPHICS

Below are the key highlights of the report:

• Revenues: Telco topline declined by 1.4% year-over-year (YoY) to reach $437.8 billion (B) in the latest single quarter ending 2Q24. Revenues for the annualized 2Q24 period were $1,768.3B, up 0.1% YoY over the same period in the previous year. At the operator level, five of the top 20 best performing telcos by topline growth in 2Q24 on an annualized basis include America Movil (8.0%), STC (Saudi Telecom) (5.8%), BT (4.7%), Telefonica (3.6%), and Orange (2.9%). By the same criteria, the worst telco growth came from NTT (-5.7%), KDDI (-5.4%), SoftBank (-4.7%), Vodafone (-1.7%), and China Unicom (-1.6%) during the same period.
• Capex: Capex spending plunged by 8.0% on a YoY basis to post $69.4B in the latest single quarter ending June 2024. Capex for the annualized 2Q24 period was $300.7B, down 6.9% YoY over the same period in the previous year. At the operator level, five of the top 20 best performing telcos by capex growth in 2Q24 on an annualized basis include BSNL (128.2%), KDDI (23.6%), Telecom Italia (9.1%), Charter Communications (7.9%), and America Movil (7.6%). By the same criteria, the worst capex growth came from Verizon (-26.0%), Reliance Jio (-22.6%), Deutsche Telekom (-20.6%), Vodafone (-14.6%), and AT&T (-13.1%) during the same period.
• Opex and labor costs: Total opex for the telecom industry in the annualized 2Q24 period stood at $1,502.7B, a slight increase of 0.4% over the same period previous year. Excluding depreciation and amortization (D&A) costs, total opex increased by 1.2% on YoY basis to record $1,172.2B in the annualized 2Q24 period. One significant element of telco opex is labor costs, which include salaries, wages, bonuses, benefits, and retirement/severance costs. Labor costs grew by 2.1% YoY in the annualized 2Q24 period, pushing labor costs as a percentage of opex (excluding D&A) slightly up from 22.2% in 2Q23 to 22.4% in 2Q24 on an annualized basis. This growth occurred despite an ongoing reduction in industry headcount; the telco workforce ended 2Q24 at 4.48 million, down 1.2% YoY.
• Profitability margins: Both EBITDA and EBIT margins experienced a slight uptick in 2Q24 on an annualized basis compared to the previous quarter. Results were mixed when compared to the same period last year. Annualized EBIT margin dipped from 15.3% in 2Q23 to 15.0% in 2Q24, while the EBITDA margin for the annualized 2Q24 period stood at 34.4%, up from 33.7% in annualized 2Q23.
• Regional trends: The Americas region outpaced Asia to reclaim its position as the largest region by revenue, holding a 37.3% share in 2Q24. On a capex basis though, the Asia region outspent the Americas, capturing a 36.5% share in the latest quarter. Europe retained the highest annualized capital intensity, reaching 18.4% in 2Q24, followed by MEA at 17.4%.

Important note: We have made some significant enhancements to our telco market review report in 1Q24. The changes are designed to provide a more insightful and user-friendly experience:

• 'Market Snapshot' Tab: This tab now features an interactive dashboard view of the telco market, allowing users to interact with and analyze market data more effectively. Additionally, users can export the dashboard to PDF for convenient sharing and reference.
• Two distinct sections have been created from the previous 'Company Deepdive & Benchmarking' section for greater clarity and functionality:
  • 1. 'Company Drilldown': Provides a comprehensive analysis of a selected company from the full set of 140 telcos. It covers various metrics including revenue, capex, employee counts, costs, profitability, cash and debt levels, and key ratios.
  • 2. 'Company Benchmarking': Focuses on a sample of 79 telcos, representing approximately 82% of the global market. This section allows users to select and compare up to 5 telcos across multiple metrics such as labor costs, opex, EBIT, as well as revenues, capex, and employee counts. The sample includes operators from all regions and of varying sizes.

Both new sections also feature the capability to export graphics to PDF, enhancing the flexibility and utility of the data presented.

Operator coverage:

Regional coverage:

Table of Contents

1. Summary

2. Market snapshot

3. Analysis

4. Key stats through 2Q24

5. Labor stats

6. Operator rankings

7. Company drilldown

8. Company benchmarking

9. Country breakouts

10. Country breakouts by company

11. Regional breakouts

12. Raw Data

13. Subs & traffic

14. Exchange rates

15. Methodology & Scope

16. About

List of Figures and Charts:

• 1. TNO market size & growth by: Revenues, Capex, Employees - 1Q19-2Q24
• 2. Regional trends by: Revenues, Capex - 1Q19-2Q24
• 3. Opex & Cost trends
• 4. Labor cost trends: 1Q20-2Q24
• 5. Profitability margin trends: 1Q20-2Q24
• 6. Spending (opex, labor costs, capex): annual and quarterly trend
• 7. Key ratios: annual and quarterly trend
• 8. Workforce & productivity trends: 1Q14-2Q24
• 9. Operator rankings by revenue and capex: latest single-quarter and annualized periods
• 10. Top 20 TNOs by capital intensity: latest single-quarter and annualized periods
• 11. Top 20 TNOs by employee base: latest single-quarter
• 12. TNOs: YoY growth in single quarter revenues
• 13. TNOs: Annualized capital intensity, 1Q16-2Q24
• 14. TNOs: Revenue and RPE, annualized 1Q16-2Q24
• 15. TNOs: Capex and capital intensity (annualized), 1Q16-2Q24
• 16. TNOs: Total headcount trends, 1Q16-2Q24
• 17. TNOs: Revenue and RPE trends, 2011-23
• 18. TNOs: Capex and capital intensity, 2011-23 ($ Mn)
• 19. TNOs: Capex and capital intensity, 1Q16-2Q24 ($ Mn)
• 20. TNOs: Revenue and RPE trends, 1Q16-2Q24
• 21. TNOs by total opex, 2Q24
• 22. TNOs by labor costs, 2Q24
• 23. TNOs: Software as % of total capex
• 24. TNOs: Software & spectrum spend
• 25. TNOs: Total M&A, spectrum and capex (excl. spectrum)
• 26. TNOs by total debt: 2011-23
• 27. TNOs by total net debt: 2011-23
• 28. TNOs by long term debt: 2011-23
• 29. TNOs by short term debt: 2011-23
• 30. TNOs by total cash and short term investments ($M): 2011-23