SBA Communications cuts annual revenue forecast, signals slower 5G leasing activity

Wireless tower operator SBA Communications trimmed its annual revenue forecast again on Monday, after missing Wall Street estimates for second-quarter revenue, indicating a slower 5G leasing activity.

Shares of Florida-based SBA Communications fell more than 4% in extended trading.

High interest rates have forced wireless carriers to keep a tight leash on their budgets after the initial roll-out of 5G network, hitting demand for companies such as SBA Communications.