AT&T (T) Reports Inline Q3 Profit, Sales Miss the Street
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AT&T (NYSE: T) reported results for the quarter ended September 30th Thursday morning. In the pre-market session, the stock last traded down about 2 percent.
Third-quarter sales fell 0.3 percent from $31.58 billion in the same quarter last year to $31.48 billion. Revenue to the company's Data segment rose 7.6 percent to $7.47 billion while sales to the Voice segment fell 10.5 percent to $6.243 billion.
Analysts were looking for net revenue of $31.62 billion.
Net income came in at $3.62 billion, down more than 70 percent compared to the $12.32 billion reported in the year-ago quarter. Earnings per share tumbled from $2.07 in the third quarter of 2010 to just 61 cents.
AT&T was right inline with the Street estimate.
Randall Stephenson, AT&T's Chairman and CEO said, "Mobile broadband growth continues to be robust, execution was strong across the business, and we delivered another solid quarter.
"Smartphones, connected devices and tablets all posted impressive gains. Our first LTE 4G markets are up and running with terrific speeds. And we continue to work toward a successful completion of our planned T-Mobile USA merger. The next waves in the mobile Internet revolution represent tremendous growth potential, and we are laying the groundwork required for that future."
Total wireless subscribers rose 2.1 million to 100.7 million. Net adds for the quarter include postpaid net adds of 319,000.
Total churn declined to 1.28 percent versus 1.32 percent in the third quarter of 2010 and 1.43 percent in the second quarter of 2011. Postpaid churn was 1.15 percent, compared to 1.14 percent in the year-ago third quarter and 1.15 percent in the second quarter of 2011.
Third-quarter sales fell 0.3 percent from $31.58 billion in the same quarter last year to $31.48 billion. Revenue to the company's Data segment rose 7.6 percent to $7.47 billion while sales to the Voice segment fell 10.5 percent to $6.243 billion.
Analysts were looking for net revenue of $31.62 billion.
Net income came in at $3.62 billion, down more than 70 percent compared to the $12.32 billion reported in the year-ago quarter. Earnings per share tumbled from $2.07 in the third quarter of 2010 to just 61 cents.
AT&T was right inline with the Street estimate.
Randall Stephenson, AT&T's Chairman and CEO said, "Mobile broadband growth continues to be robust, execution was strong across the business, and we delivered another solid quarter.
"Smartphones, connected devices and tablets all posted impressive gains. Our first LTE 4G markets are up and running with terrific speeds. And we continue to work toward a successful completion of our planned T-Mobile USA merger. The next waves in the mobile Internet revolution represent tremendous growth potential, and we are laying the groundwork required for that future."
Total wireless subscribers rose 2.1 million to 100.7 million. Net adds for the quarter include postpaid net adds of 319,000.
Total churn declined to 1.28 percent versus 1.32 percent in the third quarter of 2010 and 1.43 percent in the second quarter of 2011. Postpaid churn was 1.15 percent, compared to 1.14 percent in the year-ago third quarter and 1.15 percent in the second quarter of 2011.
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