AT&T just released their quarterly results after the close on Thursday. The company missed the Street’s expectations and shares started moving south shortly after the release.
The company posted fiscal second-quarter earnings per share of 72 cents, compared to 70 cents a share in the year-earlier period. Consolidated revenue for the quarter was $40.52 billion which was up 22 percent from the comparable year ago figure of $33.02 billion.
According to Thomson Reuters, analysts had been expecting 72 cents per share on revenue of $40.62 billion.
AT&T CEO Randall Stephenson commented, “One year after our acquisition of DirecTV, the success of the integration has exceeded our expectations. Cost synergies are ahead of target, we’ve added nearly 1 million DirecTV subscribers since the acquisition, and our new video streaming services are scheduled to roll out later this year.”
AT&T has been lowered from “buy” to “neutral” by Citi just earlier this month. Before the news shares have moved up 23% this year.
Disclaimer: We have no position in AT&T Inc. (NYSE: T) and have not been compensated for this article.