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Jan. 29, 2020, 7:02 a.m. EST · CORRECTED

AT&T stock falls after earnings beat but revenue misses

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By Emily Bary
T SPX

An earlier headline misstated the direction of AT&T's premarket stock move after the results.

AT&T Inc. shares /zigman2/quotes/203165245/composite T -3.69% were down 0.9% in premarket trading Wednesday after the media and telecommunications giant posted better-than-expected earnings for its fourth quarter but fell short on the top line. The company recorded net income of $2.4 billion, or 33 cents a share, compared with $4.9 billion, or 66 cents a share, in the year-earlier period. After adjusting for merger-related expenses and other items, earnings per share grew to 89 cents from 86 cents a year earlier, while analysts surveyed by FactSet had been projecting 87 cents. AT&T posted consolidated revenue of $46.8 billion, compared with $48 billion a year ago, whereas analysts were modeling $47 billion. AT&T said its revenue would have been about $48 billion excluding its HBO Max investment. For the full year, the company reaffirmed its revenue forecast for 1% to 2% growth. AT&T also continues to expect $3.60 to $3.70 in earnings per share, including its HBO Max investment. AT&T shares have gained 1.4% over the past three months as the S&P 500 /zigman2/quotes/210599714/realtime SPX -4.42% has risen 7.9%.

/zigman2/quotes/203165245/composite
US : U.S.: NYSE
$ 35.73
-1.37 -3.69%
Volume: 66.24M
Feb. 27, 2020 4:10p
P/E Ratio
18.80
Dividend Yield
5.82%
Market Cap
$266.11 billion
Rev. per Employee
$637,332
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/zigman2/quotes/210599714/realtime
US : S&P US
2,978.76
-137.63 -4.42%
Volume: 3.91B
Feb. 27, 2020 4:20p
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