AT&T Meets Q1 Earnings Forecast, Adds 2.7 Million Wireless Customers

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First-quarter net income attributable to AT&T totaled $3.5 billion, or $0.56 per diluted share, compared to $3.8 billion, or $0.61 per diluted share, in the year-ago quarter.

AT&T's wireless business, its main moneymaker, lost 348,000 mainstream wireless phone customers, marking a return to the large losses characteristic of the past two years after an easing in the previous period. The company said gains in the DirecTV Now streaming service helped offset the linear TV subscriber decline.

AT&T Inc's T.N quarterly revenue missed estimates due to lower equipment sales as customers held onto phones longer and rival wireless carriers offered new promotions on unlimited data plans, the No. 2 US wireless carrier said on Tuesday.

AT&T reported 2.7 million wireless net additions, with 2.1 million in US, driven by prepaid and connected devices. The company also said that customers are holding on to their phones longer, pressuring equipment sales. AT&T Inc. reports earnings Tuesday, April 25, 2017. In the competitive consumer wireless market, AT&T has been focused on retaining its most profitable customers and shying away from promotional offers to grab market share.

Dallas, Texas-based telecom giant's first-quarter profit dropped to $3.56 billion or $0.56 per share from $3.89 billion or $0.61 per share previous year. Earnings per share came in 74 cents, matching the expectations of Thomson Reuters, CNBC reported.

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AT&T shares we unchanged in after-hours trading.

Looking forward to full year 2017, AT&T continues to expect adjusted earnings growth in the mid-single digit range.

AT&T added 115,000 broadband connections.

For 2017, the AT&T said it is no longer providing consolidated revenue guidance "due to the unpredictability of wireless handset sales".

AT&T is in the midst of acquiring Time Warner for $85 billion, and the telecommunications company said Tuesday that it expects approval from the U.S. Department of Justice this year. AT&T reported its best ever first-quarter postpaid phone churn of 0.9 percent and wireless postpaid churn of 1.12 percent.

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