Phones are subsidized to sell services, but what’s behind the pricing? What’s the mobile network operator’s (MNO) overhead? The mobile operator capital expenditure (CAPEX) includes coverage, capacity, customer demand, convergence and IP and next generation networks (NGNs) like 3G technologies such as UMTS/HDSPA and EV-DO. Phew. To lay out the state of the top 15 MNOs from both emerging and mature markets worldwide, Pyramid Research has released an 81 page report ($2,500).