Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
AT&T Inc on Thursday reported a significant drop in operating income and revenue during the first quarter of 2022.
The Dallas, Texas-based telecommunications, media and technology services firm reported diluted earnings per share of $0.65 in the first quarter of 2022. This represented a 36% drop from $1.02 the previous year.
Net income fell to $4.8 billion from $7.5 billion, also representing a 36% decline.
Revenue totalled $38.1 billion, down 13% from $43.9 billion. This, AT&T explained, reflected the impact of its divested businesses, particularly US Video in the third quarter of 2021 and Vrio in the final quarter.
Excluding the impacts of US Video and Vrio, revenue was up 1.6% against the previous year.
Operating income dropped 27% to $5.6 billion from $7.7 billion. The company said this, again, was due to its divestitures, though when adjusted, income still fell behind the previous year. Adjusted operating income totalled US7.1 billion, trailing behind $8.9 billion a year prior.
Chief Executive John Stankey said: ‘We had our best first quarter for postpaid phone net adds in more than a decade and our fibre broadband net adds remain consistently strong. Our results, including free cash flow, are in line with our expectations toward delivering on the full-year guidance provided at our recent Analyst Day.’
Shares in AT&T were up 1.2% at $19.66 in the New York pre-market on Thursday.
Copyright 2022 Alliance News Limited. All Rights Reserved.