Asia Pacific telcos grow 6.8% in 3Q 2021

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Summary

Telecom operators across Asia Pacific extended their growth momentum into the third quarter of 2021, with the large majority of tracked operators posting positive year-on-year revenue gains. Quarterly performance across 37 APAC telcos reveals the underlying drivers behind revenue, profitability, capital expenditure and average revenue per user trends across the region.

Which operators contributed most significantly to industry-wide net revenue additions is explored through the specific strategic moves behind their outperformance — including subscriber growth in fixed-mobile and broadband segments, equipment sales tied to major smartphone launches, and diversification into adjacent businesses such as e-commerce and financial services. Operators facing headwinds also come into focus, from regulatory dues and equipment discounting to pandemic-related supply shortages affecting footfall and device sales.

On profitability, customer-centric marketing, submarine cable investments and diversification into digital lending and payments businesses shaped earnings across different markets. Capital expenditure patterns highlight where operators are concentrating 5G infrastructure investment, while ARPU trends show how premium 5G positioning and subsidy programmes are influencing pricing dynamics in different countries.

A dedicated growth index ranks operators using a combined measure of absolute and percentage revenue change, offering a comparative view of which telcos are translating market conditions into the strongest financial outcomes this quarter.

Which operators are converting favourable market conditions into the strongest revenue and earnings growth, and why?

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