Asia Pacific telcos grow 6.7% in Q3 2022

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Summary

Asia Pacific's leading telecom operators delivered a combined year-on-year revenue increase in the third quarter of 2022, with the large majority of the 37 telcos tracked posting positive growth even as quarter-on-quarter revenue softened, a seasonal pattern consistent with prior years. China Mobile added the largest volume of net new revenue in the region, while Sri Lanka's Dialog Axiata posted the fastest growth rate, driven by mobile tariff revisions across all three of its business segments.

India's top telcos, Bharti Airtel, Reliance Jio and Vodafone Idea, continued a strong growth trajectory, while SoftBank recorded its highest quarter-on-quarter revenue change in over a year, aided by improving subscriber numbers and tariff stability. Singapore's telecom market stood out for a different reason: StarHub and M1 both ranked among the region's fastest-growing operators, with enterprise business, boosted in StarHub's case by its acquisition of JOS, emerging as the key growth driver for both.

Despite this revenue momentum, a significant share of operators saw earnings fail to keep pace, with EBITDA declining even as top-line growth held steady, a divergence that points to rising cost pressures across the industry.

  • Operator-by-operator revenue change figures across all 37 telcos tracked for the quarter
  • How enterprise business growth is reshaping revenue mix for Singapore's telcos

Telecom analysts and investors will find a granular breakdown of which operators are converting revenue growth into durable earnings, and which are not.

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