AT&T (T) posted a 2.5% rise in its core wireless revenue for the first quarter as the
telecommunications company continues to expand its fiber internet and 5G services.
Demand for high-speed internet has been soaring as Americans upgrade to fifth generation
(5G) wireless devices and ramp up their home networks to meet the challenges of working
remotely.
The company’s core revenue, which includes contributions from its wireless business, rose to
$29.7 billion U.S. in the first quarter from $29 billion U.S. a year earlier.
Overall revenue was down more than 13%, reflecting the impact of its divested satellite TV
business and weakness in its wireline business unit.
The Dallas, Texas-based firm, whose WarnerMedia unit completed its merger with Discovery
earlier this month to form the new media giant Warner Bros. Discovery (WBD), added 691,000
monthly phone bill paying subscribers during the first quarter ended March 31.
Analysts are watching AT&T’s strategy post-divestment of WarnerMedia as it doubles down on
its core wireless business.
Net income attributable to common stock fell to $4.8 billion U.S. in Q1, or $0.65 U.S. per share,
from $7.5 billion U.S., or $1.02 U.S. per share a year earlier.
