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How did AT&T perform in the second quarter and what’s the latest on its subscriber additions?


Grace A
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AT&T’s (NYSE:T) total operating revenue surged 15.3% to $44.96bn in the second quarter, beating analysts’ expectations of $44.85bn from a Refinitiv survey. However, the net income of the second most-subscribed wireless carrier in the US dropped to $3.71bn or 51c a share from $5.13bn (81c a share) during the corresponding period, in line with market estimates. Excluding items, the firm’s EPS was in line with analysts’ expectations of 89c a share.

The key highlight of AT&T’s result announcement was the net addition of 72,000 phone subscribers in the second quarter, beating Street estimates of 27,000 subscribers. However, in the premium segment, the company lost 778,000 subscribers in the three months to 30th June, extending the 544,000 lost subscribers in the first quarter. The premium segment includes DirecTV satellite and U-verse television, which directly competes with Netflix Inc.

In other news, AT&T completed its acquisition of Time Warner for $85bn to create a new business division “WarnerMedia,” which includes assets such as Turner TV networks and HBO.

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