AT&T misses revenue estimates as it bleeds pay-TV subscribers
- AT&T Inc’s first-quarter revenue fell short of Wall Street estimates on Wednesday after it lost subscribers in nearly all of its main businesses except wireless, where it paid heavily to gain customers through price promotions.
Total revenue for the quarter rose nearly 18 percent to $44.83 billion but fell short of expectations of $45.11 billion. The company added a net 80,000 phone subscribers, beating analysts’ forecast of a loss of 44,000 subscribers, as it leaned on the smartphone promotions to combat competition in a saturated U.S. market.
“AT&T’s first-quarter earnings give a clear signal that the company is willing to compromise on growth in the short term as it struggles to cut its heavy load of debt,” said Haris Anwar, senior analyst at Investing.com.
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