AT&T Inc. T shares,
The telecom and media giant expected adjusted profit in the third quarter, which matched estimates, after prepaid trading rose 1.5% on Thursday, while revenue fell short of forecasts. Net income fell to $ 2.76 billion, or 39 cents per share, to $ 3.70 billion, or 50 cents per share, in the year-ago period. FactSet’s consensus for net earnings per share was 51 cents. Excluding non-recurring items, adjusted EPS of 76 cents matched FactSet’s consensus. Total revenue fell 5.0% to $ 42.34 billion from a consensus of FactSet of $ 41.61 billion. The postpaid subscriber net additions were 1.1 million, with a phone net of 645,000 added, while the prepaid subscriber net added 245,000. Total postpaid churn was 0.85%, with postpaid phone churn only 0.69%. Communications revenue fell 3.1% to $ 34.3 billion but beat FactSet’s consensus of $ 33.6 billion and WarnerMedia’s revenue fell 10.0% to $ 7.5 billion but beat expectations of $ 7.3 billion. The company is also hurting fourth-quarter revenue due to the partial closure of theaters and postponement of the theatrical release as a result of the COVID-19 epidemic and declining international roaming wireless services revenue due to reduced travel. The stock, which fell for 10-straight days on Wednesday, has tumbled 31.6% year to date, while the S&P SPX,
An increase of 6.3%.