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AT&T 1Q earnings miss, on lighter revenue, subscriber losses

The wireless carrier missed Wall Street profit and revenue estimates
A building with the AT&T logo
AT&T shares plunged in the after market

Shares of AT&T Inc. (NYSE: T) plunged in extended trade on Wednesday after the wireless carrier posted first-quarter earnings that missed Wall Street analyst expectations.

AT&T fell 3.98% to $33.80 after hours.

For the quarter ended March 31, AT&T reported earnings of $0.85 per share on revenue of US$38 bn. The consensus earnings estimate was $0.87 per share on revenue of US$39.4 bn.

AT&T, the owner of satellite provider DirecTV, has been losing subscribers to its traditional television packages as more consumers cut the cord and opt for cheaper streaming services.

“Our fiber deployments for business and residential customers now pass more than 16 million customer locations. And we’re set to launch our next-generation DIRECTV NOW platform, which will offer cloud DVR and an additional video stream,” said AT&T CEO Randall Stephenson.

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October 05 2015

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