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Technology

AT&T shares dip after slight miss on earnings

Written by finanster
on October 24, 2017
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AT&T reported quarterly earnings and revenue that came in just shy of analysts’ expectations on Tuesday.

Here’s how the company did:

  • EPS: 74 cents vs. 75 cents expected, according to Thomson Reuters
  • Revenue: $39.67 billion vs. $40.10 billion expected, according to Thomson Reuters
  • Wireless net adds: 3.0 million vs. 1.97 million expected, according to StreetAccount
  • Mobility postpaid churn rate: 0.84 percent vs. 1.08 percent expected, according to Street Account

In the year-ago quarter, the mobile giant reported adjusted earnings of 74 cents on $40.89 billion in revenue.

Postpaid churn rates, or the percentage of subscribers that cancels their service, was 0.84 percent for the quarter. The total was lower, therefore better, than Wall Street’s expectation of 1.08 percent, according to StreetAccount.

Although earnings and revenue came in slightly below Wall Street expectations, AT&T maintained its full-year guidance. Analysts project that AT&T will report full-year earnings of $2.93 per share on $160.86 billion in revenue, according to Thomson Reuters consensus estimates.

After the report, shares of AT&T slipped 1 percent in after-hours trade.

On Monday, AT&T extended its deadline to close its proposed acquisition of Time Warner amid pending regulatory approval.

The two corporations reached a $85 billion agreement in October 2016, giving themselves a year to close the deal. The original deadline was Oct. 22.

But the mobile giant and entertainment conglomerate face political headwinds amid increased scrutiny of mega mergers. Shortly after the deal was first announced, then-candidate Donald Trump said his administration would not approve the deal.

Blockbuster deals are also being targeted by the other side of the aisle. In July, Democrats rolled out a new economic platform including a push for post-merger reviews. Part of the agenda calls for a new competition advocate that the Democrats have nicknamed the “Trust Buster.”

Shares of AT&T have fallen about 18 percent so far this year. On Tuesday, the stock hit a fresh 52-week intraday low of $34.86.

This is breaking news. Please check back for updates.

Source: Tech CNBC
AT&T shares dip after slight miss on earnings

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