AT&T, Inc. (NYSE: T) reported its second quarter financial results after the markets closed Thursday. The telecom giant had $0.69 in earnings per share (EPS) on $33.02 billion in revenue compared to Thomson Reuters consensus estimates of $0.63 in EPS on $33.04 billion in revenue. The same period from the previous year had $0.62 in EPS on $32.58 billion in revenue.

Wireline revenues totaled $14.21 billion in the quarter, down 2.9% year-over-year. Operating margin was flat at 9.7%.

Wireless revenues totaled $18.3 billion for the quarter, up 2.1% year-over-year. Service revenues fell 0.2% to $15.15 billion. Wireless equipment revenues rose 14.6% to $3.19 billion. Operating expenses were relatively flat in the wireless segment and operating income rose 8.2%.

AT&T said it added a net 410,000 postpaid wireless customers in the quarter, down 60% from 1.03 million net additions in the second quarter last year. The company connected a total of 1.45 million new devices in the quarter, including 1 million connected cars.

Randall Stephenson, AT&T chairman and CEO, commented on earnings:

These results reaffirm our transformation strategy. We grew revenues, expanded margins and delivered double-digit adjusted EPS and cash flow growth. We added more than 2 million new wireless subscribers as the repositioning of our smartphone base nears completion. We also began expanding high-quality, high-speed wireless service to Mexican consumers and businesses.

He continued:

This is a pivotal time for us. We look forward to closing DIRECTV and building on this momentum by delivering a new TV everywhere experience integrated with mobile and high-speed Internet service.

At the end of the quarter, cash and cash equivalents totaled $20.96 billion compared to $8.60 billion at the end of 2014.

Shares of AT&T closed Thursday down 1% at $33.93 on a 52-week trading range of $32.07 to $37.48. Following the release of the earnings report, shares were up 0.7% at $34.15 in the after-hours trading session. The stock has a consensus analyst price target of $36.74.

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