U.S. telecommunications giant AT&T (T) has issued second-quarter financial results that fell short of Wall Street estimates due to a continued erosion of fibre-optic customers.
The Dallas, Texas-based company reported earnings per share (EPS) of $0.57 U.S., which was inline with Wall Street forecasts. However, the profit was down 10% from a year ago.
Revenue in the quarter totaled of $29.80 billion U.S., down 0.4% from a year earlier and slightly below estimates that called for sales of $29.98 billion U.S.
While AT&T reported its second consecutive quarter of better-than-expected landline phone subscribers, it continues to see a slump in its broadband or fibre-optic internet business.
The company said it added 239,000 broadband customers in Q2, which was below the 248,600 that analysts had anticipated.
AT&T’s free cash flow stood at $4.60 billion U.S. at the end of June. That was up $400 million U.S. from the same time last year and surpassed the $4 billion U.S. expected on Wall Street.
The company maintained its full-year guidance, calling for earnings of $2.15 U.S. to $2.25 U.S. per share; wireless service revenue growth of 3%; and broadband revenue growth of 7%.
The stock of AT&T has risen 6% so far in 2024 to trade at $18.21 U.S. per share.
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