AT&T stock: The management of AT&T Inc noted that their core wireless business exceeded their forecasts during the third quarter, which drove stronger revenue and stock price. The massive telecommunications company, which divested itself of its media businesses earlier this year, showed few indications that rising interest rates and higher prices for fuel, food, and housing were slowing demand for high-end smartphones and premium wireless plans from the carrier. This comes after the company sold its media businesses earlier in the year.
Pascal Desroches, the chief financial officer of the company, stated in an interview that “We’re in a much better condition than the larger economy.” This year, the corporation has increased its goals for both its profit and its primary cellular revenue.
AT&T Stock Performance
During trading on Thursday, the stock had a gain of more than 8%. AT&T stock is now trading at approximately a 9% loss for the year to this point, compared to a 22% loss for the S&P 500 index. On Friday, competitor Verizon Communications Inc. will reveal its most recent financial results. The most recent results for both carriers include the introduction of the newest smartphone produced by Apple Inc., which became available for purchase in the United States in the middle of September.
Postpaid phone connections are a statistic that investors use to gauge the health of a mobile carrier’s primary profit area. AT&T stated that it added 708,000 postpaid phone connections. Wall Street experts had anticipated a total of 552,300 connections for the third quarter, but the actual number ended up being significantly higher. This makes the third straight quarter where the actual number ended up being far higher than the estimates.
AT&T said that it had added more than 2.2 million cellular subscribers over the first three quarters of the year, a number that the company said it expected to be greater than that of its competitors.
Click here to read the full article on PressReach.com .
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube