Fidelity MSCI Telecommunication Services Index ETF

AT&T’s cost of revenue rose 15% in 2016 before decreasing 1% in 9M17. That led to a 9% growth in gross profit for 2016 before falling 4% in 9M17.

Telefonica SA (TEF SM) is headquartered in Spain and is one of the world’s largest telephone operators reaching more than 350 million customers.