There were indications of a weakness in the market in the second half of 2022, which has manifested fully in 2023-Q1. Revenues declined quite sharply, in the range of 35%-70% Y/Y. In terms of EBIT, there was a stark difference for 2023-Q1 versus the previous two years. Overall, 2023-Q1 EBIT was USD 7.00bn versus a staggering USD 43.93bn in 2022-Q1, and even lower than the USD 16.28bn EBIT of 2021-Q1. That said, it is still markedly higher than the USD 621M EBIT of 2019-Q1. In fact, the combined EBIT drop Y/Y was a staggering -81.0% (across the same set of carriers). (....)