AT&T misses on Q1 revenues, cites low wireless equipment sales
Additionally, AT&T is no longer providing revenue guidance primarily due to "the unpredictability of wireless handset sales."
By Stephanie Condon for Between the Lines | April 25, 2017 -- 20:28 GMT (13:28 PDT) | Topic: Networking
AT&T delivered mixed first quarter financial results on Tuesday, with revenues falling below market expectations.
The company reported adjusted earnings of 74 cents a share on revenues of $39.4 billion. Wall Street was looking for 74 cents a share on revenues of $40.6 billion.
Revenue was down from $40.5 billion a year prior, "primarily due to record-low equipment sales in wireless," AT&T said.
The company noted it had 2.7 million wireless net adds for the quarter. Most of those, 2.1 million, were from the US, driven by prepaid and connected devices. AT&T reported its best ever first-quarter postpaid phone churn of 0.9 percent and wireless postpaid churn of 1.12 percent.