AT&T (T) reported third-quarter revenue on Wednesday, just missing Wall Street estimates. Despite missing predictions, AT&T stock is currently up 4%.
A&T reported its Q3 results before the stock market opened Wednesday morning, posting non-GAAP (adjusted) earnings of $0.60 per share. This was higher than Wall Street’s expected $0.57 per share mark. However, its sales of $30.2 billion fell short of expectations for sales of $30.45 billion. Fortunately for the phone company, margins were strong, and the company issued encouraging guidance that investors favored.
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For example, in Q3, AT&T added 403,000 postpaid phone subscriptions. The company added that Mobility services sales climbed 4% compared to the prior-year period. Meanwhile, it added 226,000 new AT&T Fiber subscriptions, making Q3 the 19th straight quarter with net additions above 200,000. Total consumer broadband sales were also up 6.4% year over year.
Furthermore, AT&T management also reiterated its full-year guidance. The company continues to expect annual wireless services and broadband revenue to grow by roughly 3% and more than 7%, respectively. Management also said that the company is on track to reach its goal of hitting a net-debt-to-adjusted-EBITDA ratio of 2.5 in the first half of next year
