By Sam Boughedda
Shares of telecommunications firm AT&T (NYSE:T) are down over 4% in pre-market trading on Thursday after the company missed quarterly revenue estimates.
AT&T reported Q1 EPS of $0.60, $0.02 better than the analyst estimate of $0.58. However, revenue for the quarter came in at $30.1 billion versus the consensus estimate of $30.24 billion, although it rose 1.4% year-on-year.
While the sector, like others, has been impacted by consumer spending power being weighed down by inflation and the uncertain economic climate, AT&T managed to post 424,000 postpaid phone net adds, representing 11 quarters with more than 400,000 net adds. The company also added 272,000 AT&T Fiber net adds.
AT&T's operating income was $6 billion versus $5.5 billion in the year-ago quarter.
"We're winning thanks to a proven and sustainable playbook that centers on simple, customer-centric experiences. As a result, we're adding high-value customers, and when they choose AT&T, they stay with us," commented John Stankey, AT&T CEO. "The work we're doing today is establishing a foundation for durable, long-term growth, and we remain confident in our full-year guidance."