So, the news "on the street" is that AT&T has "good cash flow" and "always pays a dividend". Okay. If you want to believe it.
Do this for me, though. Look through the publicly posted financials. Back out the debt. Go drop some numbers into a spreadsheet in your spare time. Here's what you're going to find: Randy & his Johns have been borrowing to fluff the books quarter by quarter. The dividends and yes, even the "good cash flow" have been subsidized by cheap borrowing of MASSIVE non-sustainable DEBT. Back in the debt in that spreadsheet you're nursing. Do the math on organic growth, cash flow and earnings. Not pretty, is it?
Here's the rub: it goes beyond Randy. Even the Board is complicit in this nonsense. The reason they're cutting so deep is to avoid having the truth come home to roost. Do the math for yourself.
Why is this relevant on this board? Because, if AT&T had installed good, quality, fiscally-responsible leaders, instead of Randy & the Johns, the normal fall of segment-based revenues could have been offset by normal attrition, versus the deep cuts that the failed "leadership" have now caused.
Do the math. Don't believe any of the analysts.