Fiber for Breakfast 2025 Week 6 – Wolfe Research: Broadband Market Outlook

Wolfe Research, LLC, the top ranked independent, sell-side equity research firm recently analyzed broadband subscriber growth in 3Q24. Last quarter, industry residential broadband net adds were much better than expected across their cable & telco coverage. After broadband growth fell from 2.5M in ‘22 and ‘23 to under 1.5M (est) for ‘24, do stronger 3Q results signal better broadband growth in ’25? Wolfe does see improvement to 2.0M in ’25 but isn’t extrapolating Q3’s trends as a signal of a return to historical growth rates. Wolfe is cautious about false signals in 3Q relating to household formation, immigration, and adjustments to subscriber reporting relating to ACP. And what about the bigger industry questions relating to saturation, rural expansion, fixed/mobile substitution, FWA, Fiber, and LEO satellites?

During this episode of Fiber for Breakfast, Peter Supino, a Sr. Analyst & Managing Director at Wolfe Research who was highly ranked in Institutional Investor’s 2024 investor poll, joins FBA CEO, Gary Bolton, to discuss the current broadband market, the challenges, and how providers can take advantage of new opportunities.

With Special Guest:

Peter Supino, Senior Analyst & Managing Director, Wolfe Research