After the telecoms firm recorded another quarter of significant subscriber growth and above earnings projections, AT&T stock ( NYSE:T ) increased by more than 9% in early trade on Thursday.
In that time, the business added 708,000 postpaid phones to its 1.5 billion postpaid phone net additions from the first half of the year. In the most recent quarter, postpaid phone churn was 0.84%.
According to AT&T ( NYSE:T ) investor relations chief Amir Rozwadowski, subscriber traction showed “more of the same.” He added that while some wireless rivals have been changing their promotions every few weeks, AT&T has maintained a more consistent approach, which he saw as advantageous for both customers who understand what the company is offering and store associates who don’t have to make significant messaging changes.
In the third quarter, AT&T also added 338,000 net fiber users.
AT&T Stock ( NYSE:T ) Went Higher
In early Wednesday trade, shares were up 9.5% and on pace for their biggest single-day performance since March 13, 2020 , when they gained 10.0%. According to Dow Jones Market Data, the company is also on track to register its greatest after-earnings rise since at least 1997.
After accounting for company divestitures, sales came in at $30.0 billion, down from $31.3 billion the year before but up from $29.1 billion for standalone AT&T. According to FactSet, revenues would total $29.8 billion.
The last quarter’s decline in headline revenue was ascribed by AT&T ( NYSE:T ) to both decreased business wireline revenue and the sale of its U.S. video division in July. Higher mobility revenue largely countered such trends.
For the whole year, AT&T anticipates revenue growth from mobility services to be at the “high end” of the 4.5% to 5% range. In its second-quarter report, it stated that 4.5% to 5% growth was its goal.
On the company’...
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