AT&T’s quarterly revenues exceeded estimates after adding 645,000 new telephone subscribers

News

AT&T’s quarterly revenues exceeded estimates after adding 645,000 new telephone subscribers

28.10.2020 News

Shares of AT&T, which have lost 27.6% of value since the beginning of the year, rose up to 5.8% on Thursday after the publication of better-than-expected Wall Street analysts, earnings for the 3rd quarter, which ended on September 30.

AT&T reported earnings per share of $ 0.76, which is 19% below last year’s value, but meets analysts’ expectations. The company said the COVID-19 pandemic had reduced earnings per share by $ 0.21.

Revenue fell 5% to $ 42.3 billion, but it was above the average analytical estimate of $ 41.59 billion.

In the third quarter, AT&T added 645,000 new telephone subscribers, while analysts expected a loss of 9,000 customers.

The company continued to grow its HBO and HBO Max streaming business and reached 38 million subscribers, up from 36.3 million a quarter earlier.

AT&T allocated about $ 600 million for this purpose during the third quarter, as a result of which the volume of investments for the year amounted to $ 1.3 billion. By the end of the year, investments are expected to reach $ 2 billion.

Most AT&T subscriptions come from sales shared with any pay-TV provider, such as Comcast, Charter, Verizon, or its own DirecTV. But only 3.625 million subscribers purchased subscriptions directly from AT&T for $ 15 a month.

In recent months, analysts have lowered their valuations of AT&T shares, referring to strong competition from the company’s streaming services, as well as loss of revenue due to the refusal of users from cable and satellite TV services.

In the third quarter, AT&T lost 590,000 DirecTV satellite subscribers and lost 37,000 Internet subscribers.

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