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After unwinding its efforts to become a media and entertainment
company, AT&T is back to focusing on wireless services in a
highly competitive telecoms market where customers are cutting
back on spending due to decades-high inflation.
AT&T's promotional offers on smartphones and wireless plans
helped it add 708,000 net new monthly bill paying wireless phone
subscribers, surpassing Factset estimates of 552,300 additions
and sending its shares up 2.8% before the bell.
The carrier also added 338,000 fiber internet customers in the
quarter and said it was on track to achieve its annual free cash
flow target of $14 billon.
AT&T has not raised prices since a July warning that some
customers were taking more time to clear their bills, which had
forced it cut its forecast for annual free cash flow.
The company now expects adjusted profit per share for the full
year to be $2.50 or higher compared with earlier expectations of
$2.42 to $2.46 per share.
Total revenue rose 3% to $30 billion, exceeding expectations of
$29.86 billion, according to Refinitiv data.
Income from continuing operations was $6.3 billion compared with
$5 billion a year earlier. Adjusted earnings per share came in
at 68 cents per share, topping estimates of 61 cents.
(Reporting by Eva Mathews and Savyata Mishra in Bengaluru;
Editing by Arun Koyyur)
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