AT&T, Verizon Executives Say They Have Spectrum They Need for 5G

Verizon and AT&T executives told a Citigroup virtual conference Tuesday they have the spectrum they need now. Both are expected to add to their portfolios through the ongoing C-band auction (see 2101040061). Only about 60% of Verizon’s existing spectrum holdings are “actually deployed for LTE at this stage,” said Ronan Dunne, Verizon consumer group CEO. “We have the ability to deliver more from the existing spectrum we have.” The “creme de la creme” of the portfolio is its extensive 28 and 39 GHz holdings, he said. Verizon closed 85% of its stores during the early days of the pandemic, with a second wave in late 2020, but stores are now at about 85% capacity, he said. AT&T has the “deepest low-band and medium-band spectrum portfolio” for 5G, said Chief Financial Officer John Stephens. “We have the fastest, highest-quality, best coverage, best speeds for iPhones. All those network investments that we made are paying off.” Stephens said the pandemic “significantly impacted our overall business,” but “we're still generating $26 billion in free cash flow.” The C-band auction hit $79.8 billion Wednesday in provisionally winning bids.