AT&T Inc. (NYSE: T) reported this morning that its second-quarter profit came in at $3.9 billion, or $0.66 per share. That is up from from $3.59 billion, or $0.60 per share, in the same period of last year. Revenue increased to $31.58 billion from $31.50 billion a year ago.
While earnings topped the consensus estimates, revenues fell short. Analysts were looking for $31.7 billion.
The nation’s biggest phone company attributed better-than-expected bottom line results to record wireless margins and solid data growth.
“We executed well across the business and posted another strong quarter with growing revenues, expanding margins and double-digit earnings growth,” said AT&T CEO Randall Stephenson in a statement.
The company also said it activated 3.7 million Apple (NASDAQ: AAPL) iPhones during the quarter, with 22% new to AT&T. However, that was down from 4.3 million iPhones during the first quarter. Rival Verizon Communications (NYSE: VZ) activated 2.7 million iPhones during its own second quarter. Verizon reported a 12% rise in profit in last week’s quarterly report.
AT&T is up about 0.2% to $35.46 in premarket trading, in a 52-week range of $27.29 to $36.21. Nike has inched up about 0.1% to $44.42 in premarket trading. Its 52-week range is $32.28 to $46.41.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
