AT&T raises annual profit forecast on strong demand for bundled plans
T•AT&T raised its annual adjusted profit-per-share forecast to about $2.40 from $2.25 to $2.35 after quarterly revenue of $32.3 billion and adjusted profit of 65 cents per share beat estimates.
1. Higher profit forecast
AT&T raised its annual adjusted profit-per-share forecast to about $2.40, from a previous range of $2.25 to $2.35, after quarterly revenue and profit exceeded analyst estimates. Revenue rose 5.3% year over year to $32.3 billion, while adjusted profit per share was 65 cents.
2. Subscribers and fiber growth
The company added 379,000 net monthly bill-paying wireless subscribers in the third quarter. It also added 442,000 fiber internet users and 327,000 fixed wireless subscribers; about 43% of households signing up for its internet services also choose its wireless plans. AT&T reported a $2.6 billion non-cash impairment charge related to the planned $2 billion sale of its Mexico wireless business.
