Business / Stock Market

AT&T Maintains Full-Year Guidance

AT&T (T) reiterated its full-year guidance on Wednesday as it posted fiscal second-quarter results that were about in line with analysts’ expectations as the telecommunications major’s acquisition of Time Warner bore fruit.

The Dallas-based company reported revenue of $44.96 billion in the period, up 15% from the corresponding quarter of the prior year, and about in line with the consensus estimate of analysts polled by Capital IQ.

The double-digit growth in revenue was attributed primarily to the company’s acquisition of Time Warner and was further buttressed by growth in wireless service, strategic and managed business services and IP broadband. This was partially offset by continued declines in legacy services, video and wireless equipment sales, the company said.

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Within the company’s entertainment group, it reported 21.6 million premium TV subscribers, representing a 778,000 net loss and 1.3 million DIRECTV NOW subscribers, which represented a 168,000 net loss. IP broadband revenue growth was 6.5% with 318,000 AT&T Fiber gains.

Adjusted earnings per share came in at $0.89, down slightly from the prior-year period’s $0.91 and in line with analysts’ forecasts for $0.89.

“We’re halfway through the year and on track to deliver on all our 2019 priorities,” Randall Stephenson, AT&T chief executive, said. “We continue to pay down debt and are more confident than ever that we’ll meet our year-end deleveraging goal, and we’ll take a look at buying back stock.”

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