AT&T (T) Shares Drift Down After Missing Estimates

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.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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