Tuesday, July 25, 2017 5:34:20 PM
Source: Dow Jones News
By Maria Armental
AT&T Inc., the telecom giant that is reinventing itself as a media conglomerate, on Tuesday reported its third-straight quarterly revenue decline as it struggles to add -- and retain -- subscribers.
Still, results beat Wall Street expectations, sending shares up 0.2% to $36.29 in extended trading.
AT&T, having lost ground to companies like T-Mobile US Inc. and Sprint Corp. that lured customers away with unlimited offers, is hoping to move away from the lagging phone business by building out its media and entertainment business.
Already the biggest pay-television operator in the U.S. with its acquisition of satellite company DirecTV, AT&T is looking to add Time Warner to its fold, a pricey deal that would give the Dallas company such properties as CNN, HBO and the Warner Bros. film and TV studio.
Video subscribers, however, declined 199,000 in the most recent quarter, although company officials said that streaming service DirecTV Now, continues to pick up subscribers helping to stem the losses. In the latest period, AT&T said DirecTV Now added 152,000 subscribers.
Meanwhile, the Dallas-based company on Tuesday reported the lowest churn -- or monthly cancellation rate -- for mainstream phone customers, the most profitable and reliable.
The results followed last week's quarterly report from T-Mobile US, which showed that the No. 3 domestic carrier had added 1.3 million subscribers in the latest period, including 786,000 postpaid phone subscribers.
Over all, second-quarter profit rose 15% to $3.92 billion, or 63 cents a share. Excluding merger and integration costs and other items, profit rose to 79 cents a share, from 72 cents a year earlier.
Revenue fell to $39.84 billion from $40.52 billion a year earlier.
Analysts surveyed by Thomson Reuters had projected 73 cents a share in adjusted profit and $39.79 billion in revenue.
As of June 30, AT&T had more than $25 billion in cash and more than $130 million in debt.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
July 25, 2017 17:02 ET (21:02 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Recent T News
- U.S. Futures Display Mixed Results Amid Earnings, WTI and Brent Crude Prices Dip in June Futures Trading • IH Market News • 04/24/2024 11:31:20 AM
- AT&T Delivers Strong First-Quarter Cash from Operations and Free Cash Flow Powered by 5G and Fiber Growth • PR Newswire (US) • 04/24/2024 10:30:00 AM
- AT&T Delivers Strong First-Quarter Cash from Operations and Free Cash Flow Powered by 5G and Fiber Growth • PR Newswire (Canada) • 04/24/2024 10:30:00 AM
- AT&T Commitment to Help Close the Digital Divide Increases to $5 Billion • PR Newswire (US) • 04/04/2024 04:01:00 AM
- AT&T Commitment to Help Close the Digital Divide Increases to $5 Billion • PR Newswire (Canada) • 04/04/2024 04:01:00 AM
- AT&T Addresses Recent Data Set Released on the Dark Web • PR Newswire (US) • 03/30/2024 02:00:00 PM
- AT&T Addresses Recent Data Set Released on the Dark Web • PR Newswire (Canada) • 03/30/2024 02:00:00 PM
- AT&T Declares Dividends on Common and Preferred Shares • PR Newswire (US) • 03/29/2024 08:35:00 PM
- AT&T Declares Dividends on Common and Preferred Shares • PR Newswire (Canada) • 03/29/2024 08:35:00 PM
- 1PointFive and AT&T Announce Direct Air Capture Carbon Removal Agreement • GlobeNewswire Inc. • 03/13/2024 12:00:36 PM
- Pascal Desroches to Update Shareholders at the 32nd Annual Deutsche Bank Media, Internet & Telecom Conference • PR Newswire (Canada) • 03/12/2024 10:00:00 AM
- Pascal Desroches to Update Shareholders at the 32nd Annual Deutsche Bank Media, Internet & Telecom Conference • PR Newswire (US) • 03/12/2024 10:00:00 AM
- AT&T to Webcast Fireside Chat with Pascal Desroches at the 32nd Annual Deutsche Bank Media, Internet & Telecom Conference on March 12 • PR Newswire (Canada) • 03/05/2024 02:30:00 PM
- AT&T to Webcast Fireside Chat with Pascal Desroches at the 32nd Annual Deutsche Bank Media, Internet & Telecom Conference on March 12 • PR Newswire (US) • 03/05/2024 02:30:00 PM
- Jeff McElfresh to Update Shareholders at the 2024 Morgan Stanley Technology, Media and Telecom Conference • PR Newswire (US) • 03/04/2024 11:30:00 AM
- Jeff McElfresh to Update Shareholders at the 2024 Morgan Stanley Technology, Media and Telecom Conference • PR Newswire (Canada) • 03/04/2024 11:30:00 AM
- Marissa Mayer Elected to AT&T Board of Directors • PR Newswire (Canada) • 03/01/2024 09:05:00 PM
- Marissa Mayer Elected to AT&T Board of Directors • PR Newswire (US) • 03/01/2024 09:05:00 PM
- AT&T to Webcast Fireside Chat with Jeff McElfresh at the Morgan Stanley Technology, Media and Telecom Conference on March 4 • PR Newswire (US) • 02/26/2024 02:30:00 PM
- AT&T to Webcast Fireside Chat with Jeff McElfresh at the Morgan Stanley Technology, Media and Telecom Conference on March 4 • PR Newswire (Canada) • 02/26/2024 02:30:00 PM
- Broadcom in Talks to Sell Computing Unit, Alcoa Acquires Alumina for $2.2 Billion, and Latest News • IH Market News • 02/26/2024 10:55:58 AM
- AT&T Shares Letter Sent to Employees on Resolved Network Outage • PR Newswire (Canada) • 02/25/2024 05:15:00 PM
- AT&T Shares Letter Sent to Employees on Resolved Network Outage • PR Newswire (US) • 02/25/2024 05:15:00 PM
- AT&T to Release First-Quarter 2024 Earnings April 24 • PR Newswire (US) • 02/23/2024 01:30:00 PM
- AT&T to Release First-Quarter 2024 Earnings April 24 • PR Newswire (Canada) • 02/23/2024 01:30:00 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM