Published on 24 Apr 2024 on Zacks via Yahoo Finance
AT&T (T) Q1 Earnings Beat Estimates, Revenues Remain Flat Y/Y
AT&T Inc. T reported modest first-quarter 2024 results, as solid wireless traction and customer additions were partially offset by lower demand for legacy voice and data services. The company recorded strong subscriber growth backed by a resilient business model and robust cash flow position, driven by a diligent execution of operational plans. AT&T expects to continue investing in key areas of 5G and fiber and adjust its business according to the evolving market scenario to fuel long-term growth.
Net Income
On a GAAP basis, AT&T reported net income of $3.4 billion or 47 cents per share compared to $4.2 billion or 57 cents per share in the year-ago quarter. The decline is primarily attributed to lower net sales and higher operating expenses year over year.Excluding non-recurring items, adjusted earnings from continuing operations were 55 cents per share compared with 60 cents in the year-ago quarter. Adjusted earnings for the first quarter beat the Zacks Consensus Estimate of 53 cents.