“Excluding growth-related spend, we expect the operating leverage to really be good in that business, and we would expect margins to continue to perform well.”

In context

“stable as opposed to increasing? And then I just wanted to check in separately on what you're seeing from a macro perspective. Anything to call out that you're seeing consumers or businesses? Any potential impact from federal government cuts that might be coming that could impact Business Wireline or Mobility? Pascal Desroches: Bryan, let me start. When you look at our Mobility business, a big part of what you're seeing is higher growth-related spending in the first half of the year. But it's coming with high-quality revenues, as John alluded to earlier. We grew service revenues 3.5% in the second quarter. We raised guidance on service revenues for the year because we feel really good about that trajectory. As you know, growth-related spend will be lumpy depending upon market conditions. Excluding growth-related spend, we expect the operating leverage to really be good in that business, and we would expect margins to continue to perform well. In any given quarter, it's going to be a function of the level of growth-related spend. John Stankey: Bryan, good morning. So on the macro perspective, let me start with this. Let me reinforce what I offered in my opening comments. I can't remember who said it earlier. I guess Ben was making a comment about how long I've been around here and insulting me. But I've been around the industry a bit. I don't know that I've ever seen, from a pro-investment policy perspective that's out there right now in terms of incentives to invest organically in your business, a telecom policy perspective that's been laid out under this administration and where we see the FCC going all the way from incentives to get out of old infrastructure and invest in new to spectrum pipelines that are in place, the desi”