AT&T Share Price: Telecoms Giant’s Q2 EPS Miss Estimates
iNVEZZ.com, Wednesday, July 24: AT&T Inc’s (NYSE:T) second-quarter earnings missed, albeit slightly, analysts’ expectations, the Dalas-based carrier’s financial report revealed yesterday. Earnings for the period came in at 67 cents per share, while analysts’ on average had forecast EPS of 68 cents, according to data compiled by Bloomberg.
The missed estimate weighed on the AT&T share price, which declined in yesterday’s extended trading in New York. The stock continued to suffer today falling 2.29 percent to $34.99 as of 15:21 BST.
The carrier performed better in the second quarter in terms of revenue, with sales rising 1.6 percent to $32.1 billion year-on-year. That was more than an average analysts’ estimate of $31.8 billion. Adjusted for the sale of a unit, revenue would have risen 2.6 percent, AT&T said.
AT&T also beat expectations for new monthly subscribers, adding 551,000 contract customers in the second quarter, compared with 320,000 a year earlier. Analysts surveyed by Bloomberg had projected an average of 499,000 new monthly subscribers.
AT&T has been unveiling new subscription plans for heavy Internet users to catch up with Verizon Wireless, which added 941,000 contract users last quarter. Verizon and AT&T are respectively the No. 1 and No. 2 mobile carriers in the US.
**The AT&T share price was $35.11 as of 15.41 BST, 24.07.2013**