AT&T (NYSE:T) reported its first-quarter earnings that exceeded analyst expectations, despite a slight shortfall in revenue.

In fiscal Q1/24, AT&T recorded an earnings per share (EPS) of $0.55, surpassing the analyst consensus of $0.53. The company’s revenue for the quarter reached $30 billion, falling just below the anticipated $30.53 billion.

The report detailed that while total service revenues increased by $225 million, equipment revenues dropped by $336 million. Notably, mobility service revenues grew by 3.3%, and broadband revenues saw a 7.7% rise, largely due to the expansion of fiber services.

AT&T’s adjusted EBITDA for the quarter stood at $11 billion, a 3.8% increase from the previous year and higher than the expected $10.89 billion. The company mentioned that the adjusted EPS included an approximate $0.11 impact from various factors including higher depreciation, non-cash pension and post-retirement costs, lower capitalized interest, and reduced equity income from DIRECTV. Looking ahead, AT&T maintained its full-year guidance for adjusted EPS to range between $2.15 and $2.25.

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