AT&T’s (T) stock is rising after the company reported that it added more wireless subscribers than expected in this year’s third quarter.
The telecommunications giant said it added 405,000 monthly wireless subscribers in Q3, which was more than the 334,100 additions expected on Wall Street.
The subscriber numbers were disclosed along with AT&T’s third-quarter financial results.
The company announced earnings per share (EPS) of $0.54 U.S., in line with Wall Street estimates.
Revenue of $30.7 billion U.S. slightly missed consensus estimates of $30.87 billion U.S. Sales were down 7.8% in the quarter due largely to declines in legacy voice and data services.
Despite the mixed results, AT&T’s management team said their wireless subscriptions got a boost from the launch of the latest Apple (AAPL) iPhone in September.
AT&T introduced lucrative promotions for the iPhone 17 to attract new subscribers and encourage existing users to upgrade to pricier wireless plans.
The company also continued to bolster its network capabilities during the third quarter, announcing a $23 billion U.S. deal to acquire wireless spectrum from EchoStar (SATS).
Before today (Oct. 22), T stock had risen 14% this year to trade at $26.05 U.S. per share.
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