TWST: You mentioned saturation in the market. Are we at market saturation in this sector?
Mr. King: Certainly these segments themselves are still growing, but growth has slowed significantly over the last several years. From an industrywide perspective, wireless net adds have fallen off by several million from their peak on an annual basis. You have carriers like Verizon (VZ) and AT&T (T) that continue to do well. But more and more, they are doing it at the expense of carriers like Sprint (S) that continue to lose postpaid subscribers. So from an industry standpoint, there is still growth, but it’s certainly much slower growth than it has been in the past.
CHRISTOPHER C. KING is a Senior Telecom Services Analyst and Principal at Stifel Nicolaus, where he covers telecommunications and cable services firms. His current coverage universe consists of rural local exchange carriers (RLECs) as well as Regional Bell Operating Companies (RBOCs), in addition to a focus on Latin American and national independent wireless carriers. Mr. King joined the Legg Mason telecommunications equity research team in January 2001. He was an Equities Trader and fixed-income Analyst with Wachovia Bank and Allfirst Bank. Five years prior to joining Legg Mason/Stifel, Mr. King was a Financial Analyst with Allfirst in the company’s brokerage and capital markets groups. Mr. King has a bachelor’s degree in politics and economics from Wake Forest University and an MBA with a concentration in finance from the University of Maryland.
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