In a report released on Wednesday by Progressive Policy Institute (PPI), three companies, AT&T Inc. (NYSE:T), Verizon Communications Inc. (NYSE:VZ) and Exxon Mobil Corporation (NYSE:XOM), have been ranked as the top corporate spenders. An article by USAtoday indicates that AT&T Inc. (NYSE:T) spent $20.6 billion, topping the list for a third consecutive year. Verizon Communications Inc. (NYSE:VZ) spent $15.4 while Exxon Mobil Corporation (NYSE:XOM) spent $11 billion.
AT&T Inc. (NYSE:T) has been spending huge sums on the expansion of its fiber-optic network to US households. The company has also directed a lot more expenditure on software to be able to give better services while at the same time cutting down on costs. Last year, AT&T Inc. (NYSE:T) unveiled a grand plan of virtualization, which is meant to enable hardware devices to handle more tasks at once without the need for bigger investment in hardware.
Verizon Communications Inc. (NYSE:VZ) has also been on expenditure overdrive, working on a 4G wireless network. Verizon Communications Inc. (NYSE:VZ) and AT&T Inc. (NYSE:T) at the moment control more than 70% of the US wireless networks. The company intends to expand this wireless network in order to maintain its market control. Verizon’s network is the largest and the most reliable in the US market, meaning that expanding its services will continue giving it a hold of the market and possibly lead to more conversions.
Exxon Mobil Corporation (NYSE:XOM) on the other hand has been spending to expand its services to diverse locations. The company has also opened up a number of processing units, some of which are undertaken by affiliates.
AT&T Inc. (NYSE:T), Verizon Communications Inc. (NYSE:VZ) and Exxon Mobil Corporation (NYSE:XOM) are still expected to spend more in order to increase their market coverage and to help cut down on long term costs.
This article has been written by Victor Ochieng.
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