Intel under Gordon Moore and Andy Grove stayed ahead of the competition by always investing, even in the periodic slumps. It worked very well: except for the Japanese memory chip onslaught, no one caught Intel for 25 years. (No longer true.) Xavier Niel had a down first quarter this year, the first since 2002, and only a modest recovery in Q2. His response: FTTH built ASAP, in order to pull ahead of the competition.
Most dramatically, he is offering 10 gigabits for a 1 gig price at Salt in Switzerland. He just added 1.4M passings to his plan for Eir, the former Irish incumbent he recently bought. That will take Eir to ~1.7M, more than the country has households. Even including businesses, that easily over 90%.(Below) In France, he is at 8M, going to 20M in 2022. Meanwhile, in Italy he has signed up 1.5M mobile customers in just a few months.
Most of that growth is being financed internally, with low debt levels.