AT&T Inc. (NYSE:T) posted its latest quarterly earnings results after hours Wednesday, which missed analysts’ expectations.
The U.S. carrier announced first-quarter earnings of 85 cents per share, which came in below the 87 cents per share that Wall Street was calling for. Its revenue tallied up to $38.04 billion, below the $39.31 billion that analysts were projecting in their consensus estimate.
AT&T added 187,000 linear video subscribers during the period, while AT&T added 312,000 subscribers to its streaming service DirecTV Now. The company’s postpaid wireless additions for the period were 49,000 in the U.S.
The company, which owns the satellite provider DirecTV, has been losing a slew of subscribers to its traditional television packages as more consumers are eliminating cable plans and opting for cheaper streaming services. AT&T is currently in the middle of a trial regarding the company’s $85 billion bid to merge with Time Warner Inc (NYSE:TWX).
The move would make sense for the carrier as buying Time Warner would give it access to cable channels such as HBO and CNN. It would be a way for AT&T to diversify its revenues and give the company a competitive edge in the wireless market through ownership of content, which would help lift it from its spot as the number two carrier in the country.
T stock fell about 4.4% after the bell Wednesday.
More From InvestorPlace
- 7 Great REITs to Own in Good Times and Bad
- 8 Companies That Could Disappear by 2019
- 10 Dividend Stocks to Buy With Low Yields, But Big Dividend Growth