Telecom Stocks Slip After SpaceX Takes Aim at Their Market Share
Dow Jones08-05 17:26
SpaceX is coming for large U.S. telecom providers.
During the company's first earnings call, SpaceX President Gwynne Shotwell referenced the revenue that AT&T, Verizon Communications and T-Mobile US pull in, and said Starlink would take aim at their subscribers.
"I anticipate us to be able to acquire quite a few of their customers because I think our service will be better," Shotwell said.
Shares of AT&T, Verizon and T-Mobile fell between 1% and 2% in premarket trading.
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