{"id":4155,"date":"2023-10-22T05:40:36","date_gmt":"2023-10-22T05:40:36","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/att-q3-earnings-beat-expectations-shares-rise-in-pre-market-trading\/"},"modified":"2023-10-22T05:40:36","modified_gmt":"2023-10-22T05:40:36","slug":"att-q3-earnings-beat-expectations-shares-rise-in-pre-market-trading","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=4155","title":{"rendered":"AT&T Q3 Earnings Beat Expectations, Shares Rise in Pre-market Trading"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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AT&T Inc. reported better-than-expected Q3 earnings on Thursday, with adjusted earnings of $0.64 per share, a decrease of 5.9% year-on-year (YoY), but surpassing the consensus estimate of $0.63 per share. The telecom giant’s revenues climbed by 1.2% to $30.35 billion, exceeding the projected $30.04 billion.<\/p>\n

The company’s free cash flow reached $5.2 billion, marking a quarterly rise of $1 billion due to aggressive cost-cutting efforts. In Q3, AT&T gained approximately 468,000 post-paid wireless and 296,000 new fiber optic subscribers, largely driven by aggressive moves to attract Apple (NASDAQ:) iPhone customers.<\/p>\n

CEO John Stankey announced an upwards revision for both full-year free cash flow and profit growth forecasts. AT&T now expects approximately 4% growth in adjusted earnings compared to 2022 and anticipates free cash flow to reach around $16.5 billion, up by $500 million from the previous forecast. This aligns with the InvestingPro Tip that the company’s net income is expected to grow this year, and 5 analysts have revised their earnings upwards for the upcoming period.<\/p>\n

Stankey attributed these positive forecasts to profitable customer relationships, investments in best-in-class 5G and fiber connectivity, and company efforts to simplify customers’ digital experiences. This is consistent with AT&T’s position as a prominent player in the Diversified Telecommunication Services industry, as pointed out by InvestingPro Tips.<\/p>\n

Following the earnings announcement on Thursday, AT&T’s shares rose by 3.35% in pre-market trading, indicating an opening bell price of $14.80 each. The InvestingPro Data shows that the company has a market cap of 108.96B USD, and the P\/E Ratio (Adjusted) for LTM2023.Q2 stands at 6.89, indicating a positive valuation for the company.<\/p>\n

The company’s revenue for LTM2023.Q2 was 121.44B USD, with a gross profit of 71.51B USD, representing a Gross Profit Margin of 58.89%. This data underlines AT&T’s strong financial performance and potential for growth.<\/p>\n

For more insightful tips and real-time metrics, consider exploring InvestingPro, which offers a wealth of additional data and tips for informed investment decisions.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. AT&T Inc. reported better-than-expected Q3 earnings on Thursday, with adjusted earnings of $0.64 per share, a decrease of 5.9% year-on-year…<\/p>\n","protected":false},"author":1,"featured_media":4156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-4155","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nAT&T Q3 Earnings Beat Expectations, Shares Rise in Pre-market Trading | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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