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AT&T Inc. (T) posted stronger-than-expected third quarter earnings Thursday, and boosted its full-year revenue forecast because of a giant achieve in wi-fi subscribers helped partially by promotional plans linked to Apple (AAPL) iPhones.
AT&T mentioned adjusted earnings for the three months ending in September had been pegged at 68 cents per share, down 3% from final yr however firmly forward of the Avenue consensus forecast of 61 cents per share. Group revenues from its persevering with operations, the corporate mentioned, fell 4.1% to $30.04 billion, whereas the group’s standalone mobility service revenues had been pegged at $20.3 billion, up 6% from final yr.
Round 708,000 post-paid wi-fi subscribers had been added over the quarter, the corporate mentioned, properly forward of the consensus forecast of round 530,000, whereas total income figures mirror he spin-off of its media property into Warner Bros. Discovery (WBD) earlier this yr.
Wanting into the second half of the yr, AT&T reiterated its full-year free money stream forecast of $14 billion, however lifted its mobility income progress steering to the “higher finish” of its prior forecast of between 4.5% and 5%. Full yr earnings, A&T mentioned, ought to rise to $2.50 per share, a 4 cents enchancment from the higher finish of its summer time forecast.
“We’re investing at report ranges to reinforce our 5G and fiber connectivity and to ship the perfect expertise obtainable out there,” mentioned CEO John Stankey. “Our outcomes present our technique is resonating with prospects as we proceed to see strong ranges of postpaid telephone internet provides and method 1 million AT&T Fiber internet provides for the yr.
“Our disciplined go-to-market method helps drive wholesome subscriber progress with high-quality prospects,” he added. “We stay assured in our capability to attain, or surpass, all our monetary commitments for the yr, whereas nonetheless investing to convey our prospects the trade’s greatest companies.”
AT&T shares had been marked 2.77% in pre-market buying and selling instantly following the earnings launch to point a gap bell worth of $15.97 every.
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