AT&T Inc. (NYSE: T) reported fourth quarter financial results after markets closed on Wednesday. The telecom giant posted $0.66 in earnings per share (EPS) and $41.8 billion in revenue, versus consensus estimates from Thomson Reuters that called for $0.66 in EPS and $42.04 billion in revenue. The same period from last year had $0.63 in EPS and $42.12 billion in revenue.

In terms of guidance for 2017, the company expects to see EPS growth in the mid-single digit range and consolidated revenue growth in the low-single digits. There are consensus estimates calling for $2.96 in EPS and $166.57 billion in revenue for the full year.

During the fourth quarter, AT&T had 2.8 million wireless net adds, with 1.5 million from the U.S. and 1.3 million from Mexico. Also 1.1 million branded smartphones were added to the subscriber base.

The company had a strong DIRECTV NOW launch with over 200,000 paid net adds. At the same time AT&T had 235,000 U.S. DIRECTV satellite net adds.

Cash from operations during the quarter totaled $10.1 billion and free cash flow was up 19.2% to $3.7 billion.

Randall Stephenson, AT&T Chairman and CEO, commented:

2016 was a transformational year for AT&T, one in which we made tremendous progress toward our goal of becoming the global leader in telecom, media and technology. We launched DIRECTV NOW, our innovative over-the-top streaming service. Our 5G evolution plans and improved spectrum position are paving the way for the next-generation of super-fast mobile and fixed networks. And we shook-up the industry with our landscape-changing deal to acquire Time Warner, the logical next step in our strategy to bring together world-class content with best-in-class distribution which will drive innovation and more choice for consumers.

Shares of AT&T closed Wednesday at $41.40, with a consensus analyst price target of $41.55 and a 52-week trading range of $34.90 to $43.89. Initially following the release of the earnings report, the stock was relatively flat in the after-hours trading session.

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