AT&T Inc. (NYSE: T) beat earnings expectations for the fourth quarter of 2019 while revenues fell short of forecasts. Shares dipped slightly by 0.23% in premarket hours on Wednesday.
Total revenue amounted to $46.8 billion compared to $48 billion in the prior-year period, which was below estimates of $46.9 billion. Excluding HBO Max investment, revenues totaled $48 billion.
The company saw growth in revenues from domestic wireless services and strategic and managed business services, which was partly offset by revenue declines in domestic video, legacy wireline services and WarnerMedia.
Net income attributable to common stock was $2.4 billion, or $0.33 per share, compared to $4.9 billion, or $0.66 per share, last year. Adjusted EPS was $0.89, above forecasts of $0.87.
Also see: AT&T Q4 2019 Earnings Preview
In the Communications segment, mobility service revenues were up 1.8% in the quarter while total wireless revenues rose 0.8%. In the Entertainment Group, IP broadband revenue grew 2.7%. In WarnerMedia, Turner revenues grew 1.6% with gains in subscription revenue. HBO revenues increased 1.9% with gains in digital subscribers.
AT&T expects revenue to grow 1-2% in 2020. Adjusted EPS is expected to be $3.60 to $3.70, including HBO Max investment.
As part of its three-year financial guidance, AT&T expects to achieve adjusted EPS of $4.50-$4.80 by 2022. Revenue is expected to grow 1-2%.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Vail Resorts (MTN) can reward investors once it gets past market crisis
The recent travel restrictions have taken a heavy toll on the tourism industry, leaving almost all destinations deserted. Vail Resorts Inc. (NYSE: MTN), a leading operator of mountain ski resorts,
The coming months will prove to be a testing time for Boeing (BA)
Shares of Boeing Co. (NYSE: BA) were up 13% in afternoon hours on Monday. The stock is down 63% from its 52-week high of $391. As the aviation industry suffers
Wayfair (W) stock looks less attractive despite low price, thanks to market selloff
Shareholders of online furniture retailer Wayfair Inc. (NYSE: W) have been speculating about their returns for long, with the stock not making any meaningful gains in the past several months.
2 thoughts on “AT&T beats Q4 earnings estimates; revenues miss expectations”
Comments are closed.