AT&T Inc. announced plans to invest $14 billion over the next three years to significantly expand and enhance its wireless and wireline IP broadband networks to support growing customer demand for high-speed Internet access and new mobile, app and cloud services.
The investment plan, called, Project Velocity IP (VIP), expands AT&T’s high-potential growth platforms, helping drive continued increases in revenues from existing and new products and services, and earnings per share.
“This is a major commitment to invest in 21st Century communications infrastructure for the United States and bring high-speed Internet connectivity — 4G LTE mobile and wireline IP broadband — to millions more Americans,” said Randall Stephenson, AT&T chairman and chief executive officer. “We have the opportunity to improve AT&T’s revenue growth and cost structure for years to come, and create substantial value for shareowners. Revenues in our key growth areas — wireless data, U-verse and strategic business services — are all growing at a strong double-digit rate. Project VIP expands our potential in these key platforms and makes them available to many more customers.”