AT&T shares rose on Thursday as March-quarter gains beat analysts’ estimates, while telecom added more-than-expected wireless postpaid phone subscribers.
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AT&T (T) Profit for the first quarter was 77 cents on an adjusted basis. Revenue fell 13% to $38.1 billion.
According to Factset, analysts had forecast AT&T earnings of 61 cents a share on sales of $38.2 billion. A year earlier, AT&T stock was earning 85 cents a share on sales of $43.9 billion.
AT&T shares are up 4% in the stock market today to close at 20.21.
AT&T Stock: Top Estimates for Wireless Subscribers
In the earnings release, the company said, “Adjusted earnings per share for the prior-year quarter have been restated for consistency to include gains on performance-related and other cost investments.”
Also, AT&T said it added 691,000 postpaid wireless subscribers versus estimates for a gain of 423,000. In the March quarter, AT&T’s wireless service revenue increased 4.8% to $14.7 billion from an estimate of $14.72 billion.
Results for AT&T included WarnerMedia — which spun off on April 5 — but excluded satellite broadcaster DirecTV. AT&T spun off DirecTV and its pay-TV business to TPG Capital in August 2021.
WarnerMedia merged with Discovery in early April. The new media company is called Warner Brothers Discovery and trades under the ticker symbol WBD.
shares this year
AT&T stock is up 5% so far in 2022.
According to the IBD Stock Check-up, AT&T stock has a relative strength rating of just 49 out of a best possible 99.
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