Crown Castle raises annual site rental revenue forecast on robust demand

Wireless tower operator Crown Castle on Wednesday raised its annual site rental revenue forecast for the second time, helped by steady demand for wireless infrastructure services.

Crown Castle derives majority of its revenue from leasing out tower infrastructure to U.S. wireless carriers such as AT&T , T-Mobile US, and Verizon Communications on a long-term basis.

With about 40,000 cellular towers across the U.S., Crown Castle is looking to focus on growing its tower business, which is expected to benefit from the largest U.S. carriers upgrading their networks to 5G and increasing capacity to meet booming data demand.