NEW YORK (Reuters) – AT&T Inc’s third-quarter video losses sent pay-TV industry shares down on Thursday after Wall Street analysts raised concerns about the continued threat of consumers cancelling their cable and satellite television subscriptions.
The No. 2 U.S. wireless carrier, which owns satellite television service DirecTV, said in a filing on Wednesday that it lost 90,000 U.S. video subscribers in the quarter due to intense competition in traditional pay TV markets and the impact of the recent hurricanes. Shares were down 3.8 percent to $36.74 midday on Thursday.