Service revenues were flat this quarter, pointing to strong underlying performance in spite of the drag from changing in-contract price increases and subscriber decline.
Traffic growth has picked up to 15% over the past couple of quarters, suggesting that at least some of the recent sharp slowdown was somewhat one-off in nature.
The outlook for revenue growth is positive, particularly thanks to BT/EE leading the way on ramping in-contract price increases, but there are also inherent risks in such moves.
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