AT&T reported net income of $6.026 billion for the third quarter of 2022, equivalent to adjusted earnings of $0.68 per share. The figure beat FactSet analysts’ forecast of earnings per share of $0.61. The company’s revenue between July and September was US$ 30.043 billion, down from US$ 31.326 registered a year ago, but above the US$ 29.1 billion projected by FactSet.
The positive results supported the rally in AT&T’s share in the premarket of the New York stock exchanges, which rose 2.32% at 8:18 am (GMT).
The company attributed the drop in revenue to divestments in the US video business. In July, AT&T bundled its services in this sector into a joint venture with TPG Capital called New Directv. AT&T CEO John Stankey said in a statement that the company is investing at “record levels” to improve its 5G and fiber optic connection services.
The company’s aggressive approach “is helping to drive healthy subscriber growth with high-quality customers,” according to Stankey. “As a result, we now expect to achieve wireless service revenue growth in the upper 4.5% to 5% range. We remain confident in our ability to meet or exceed all of our financial commitments for the year, while still investing to bring our customers the best services in the industry.”
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
