AT&T (NYSE: T) reported fourth-quarter 2020 financial results before the regular market hours on Wednesday. The telecommunications giant reported fourth-quarter revenue of $45.7 billion, down 2% year-over-year, but above the Wall Street projection. Net income of $0.75 per share was also higher than what analysts had anticipated.
T shares fell over 2% immediately following the announcement. The stock has declined about 21% in the trailing 12 months.
CEO John Stankey said, “By investing in our high-quality wireless customer base, we had our best full-year of postpaid phone net adds in a decade and our second lowest postpaid phone churn ever. Our fiber broadband net adds passed the 1 million mark for the year.”
“And the release of Wonder Woman 1984 helped drive our domestic HBO Max and HBO subscribers to more than 41 million, a full two years faster than our initial forecast,” he added.
For 2021, the company said it expects consolidated revenue growth of about 1%, while adjusted EPS is projected to be on par with last year.
The cloud computing market witnessed accelerated growth in the last couple of years, as enterprises across the world shifted their digital assets to cloud for ensuring safety and enhancing data
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