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.
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%.
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