AT&T (T) stock closed down 4.08% on April 14. The company reported mixed first-quarter results before the market bell on April 24. Investors were disappointed. The company missed the consensus revenue estimate by $287 million. However, AT&T reported net revenues of $44.8 billion in the first quarter—a rise of ~17.8% YoY (year-over-year).
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AT&T’s first-quarter earnings
AT&T reported an adjusted EPS of $0.86 in the first quarter, which was ~1.2% higher than the adjusted EPS of $0.85 in the first quarter of 2018. AT&T’s adjusted EPS was in line with analysts’ consensus estimate of $0.86 for the first quarter.
In the first quarter, AT&T added 2.7 million net wireless subscribers in the United States driven by gains in postpaid smartphone and connected devices. The company gained 80,000 postpaid phone net customers in the first quarter.
However, AT&T reported a loss of 544,000 Premium TV customers—a category that includes U-verse television and DIRECTV satellite subscribers. Analysts expected 385,000 net customer losses across U-verse and DIRECTV in the first quarter.