AT&T Inc. Shares Slide on Q1 Earnings Miss
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.
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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.
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