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.