Stock Track | Uniti Group Soars 5% on Strong Fiber Demand and Strategic Growth Opportunities

Stock Track2024-11-01

Uniti Group Inc (UNIT) shares surged over 5% on Thursday, driven by robust demand for its fiber infrastructure services and strategic growth opportunities with hyperscale customers. The telecommunications company reported solid third-quarter results, with revenue and adjusted funds from operations (AFFO) exceeding analysts' expectations.

The company's core recurring strategic fiber business grew by an impressive 3% year-over-year in the third quarter, fueled by strong growth in enterprise (10%), wholesale (14%), and dark fiber (18%) revenue streams. This growth was underpinned by Uniti's ability to capitalize on the increasing demand for high-speed internet and cloud computing services, particularly from hyperscale data center operators.

Notably, Uniti highlighted its strategic partnerships with hyperscalers, which accounted for 20% of its year-to-date bookings. The company secured a significant 20-year contract with a strategic hyperscale customer in Alabama, involving the construction of a new multi-conduit fiber network to connect key data center locations. These strategic deals align with Uniti's "anchor plus lease-up" model, providing initial cash flow and future lease-up potential on the newly constructed fiber routes.

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