Category: Companies / October 23, 2013 5:00 PM EDT
AT&T Inc. (NYSE: T) reported fiscal third-quarter earnings excluding items of 66 cents per share on revenue of $32.16 billion, versus Wall Street estimates for earnings of 65 cents per share on revenue of $32.19. During the same year-ago period, the telecom giant issued earnings of 62 cents on revenue of $31.46 billion.
The company’s earnings came in-line with forecasts as AT&T saw strong wireless gains and record U-verse results. In the quarter, AT&T added nearly 1 million subscribers and the company sold a third-quarter record of over 6.7 million smartphones. Smartphones accounted for a record 89 percent of postpaid phone sales in the period.
“We’re setting the standard for 4G LTE speeds and network reliability. Our fiber and U-verse expansion projects are ahead of schedule bringing high-speed broadband to millions more customers,” said Randall Stephenson, AT&T chairman and CEO. “With these initiatives, we’re seeing excellent growth across our major platforms — mobility, U-verse and strategic business services.”
The communications firm said U-verse had its first billion-dollar revenue month, up 28.1 percent, and total subscribers topped 10 million.
Shares of AT&T edged up 0.14 percent to $35.33 in extended-hours trading after the news.
The Dow Jones industrial average fell 54.33 points, or 0.35 percent, to close at 15,413.33. The S&P 500 Index was down 8.29 points, or 0.47 percent, to end at 1,746.36. The Nasdaq Composite Index was down 22.49 points, or 0.57 percent, to finish at 3,907.07.
Video Credit: Reuters