AT&T (T) Earnings: Key financials and quarterly highlights

AT&T Inc. (NYSE: T) today reported its third quarter financial results for the period ended September 30, 2020.

Net income for the third quarter was $2.8 billion, or $0.39 per share, compared to net income of $3.7 billion, or $0.50 per share in the third quarter of 2019.

Total operating revenues decreased 5% to $42.3 billion.

Net debt declined by $2.9 billion sequentially in the quarter.

“Wireless postpaid growth was the strongest that it’s been in years with one million net additions, including 645,000 phones. We added more than 350,000 fiber broadband customers and are on track to grow our fiber base by more than 25% this year. And we continue to grow and scale HBO Max, with total domestic HBO and HBO Max subscribers topping 38 million — well ahead of our expectations for the full year. Our strong cash flow in the quarter positions us to continue investing in our growth areas and pay down debt. We now expect 2020 free cash flow of $26 billion or higher with a full-year dividend payout ratio in the high 50s%.”

John Stankey, CEO

Shares up nearly 3% during the pre-market hours following the earnings announcement.