AT&T subscriber growth beats estimates
(Reuters) – AT&T Inc (T.N) added a net 46,000 postpaid mobile phone subscribers in the second quarter, beating Wall Street estimates as the No. 2 U.S. wireless carrier ground out some growth in a saturated market. Analysts on average were expecting net adds of 14,000, according to financial and data analytics firm FactSet.
The second-largest U.S. carrier by subscribers won court approval last month to close its $85 billion acquisition of media company Time Warner Inc and began bundling the content it gains from the deal with new wireless plans in an effort to drive subscriber growth.
A federal appeals court last week approved the U.S. Justice Department’s request for an expedited schedule to appeal the Time Warner ruling on antitrust concerns.
Total operating revenue fell about 2 percent to $38.99 billion, missing analysts’ average estimate of $39.39 billion, according to Thomson Reuters I/B/E/S.
Shares of the company were down 2 percent after the bell on Tuesday.
Net income attributable to the company rose to $5.1 billion, or 81 cents per share, in the quarter ended June 30 from $3.92 billion, or 63 cents per share, a year earlier.
On an adjusted basis, the company earned 91 cents per share. Analysts had expected adjusted earnings per share of 85 cents.
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