AT&T stock reversed down after the telecom giant reported fourth-quarter earnings and revenue Wednesday that topped estimates while its 2022 revenue outlook met expectations.
For the quarter ending Dec. 31, AT&T (T) earned 78 cents per share on an adjusted basis, up nearly 4% from a year earlier. Revenue fell 10% to $41 billion including the divestiture of satellite TV firm DirecTV, but topped views.
A year earlier, AT&T earnings were 75 cents a share on revenue of $45.7 billion. Analysts estimated earnings of 76 cents a share on revenue of $40.3 billion.
For fiscal 2022, AT&T said it expects per-share earnings in a range of $3.10 to $3.15. The telecom firm forecast revenue growth in the low single digits. Analysts predicted 2022 earnings of $3.16 a share on revenue of $156.3 billion, up from $153.2 billion.
AT&T stock initially rose before the market open on Wednesday. T stock fell 1.3% to 26.13 in morning trading on the stock market today.
Shares had gained 7.6% in 2022 amid a market correction.
AT&T Stock: Discovery Deal To Close
AT&T in early January pre-announced wireless postpaid phone subscriber results for the period. The company added 880,000 postpaid phone subscribers, topping estimates of 804,000
Also, AT&T has agreed to merge its WarnerMedia business with Discovery (DISCA). The deal could close in the second quarter of 2022.
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