AT&T's Fiber Business Is Starting to Boost Profits
The wireless business is AT&T's (NYSE: T) main source of revenue and profits, but the company's fiber business shouldn't be ignored. AT&T is in the process of building out its fiber network across the United States, an expensive proposition that has taken time to pay off. We're now starting to see the benefits flow through to the company's results.
AT&T added 1.2 million fiber subscribers during 2022, boosting its total to 7.2 million. That marks five years in a row when AT&T gained at least 1 million fiber subscribers.
Winning a fiber customer requires AT&T to not only extend its fiber network close to that customer but also to convince that customer to adopt the service. At the end of 2022, the number of potential customers for AT&T fiber was around 22 million, including 19 million homes and 3 million businesses across 100 metro areas. The penetration rate right now is roughly 38%.
Source Fool.com
