In all for the March quarter, AT&T's earned $3.5 billion, or 56 cents a share, down from $3.8 billion, or 61 cents a share, a year earlier.
Missed revenue estimates. The company saw revenue figures of $39.4 billion, just falling short of our consensus estimate of $40.660 billion. AT&T attributed the decrease primarily to record-low equipment sales in wireless.
In a very competitive quarter, we continued to execute on our goals of driving efficiencies in our business while growing adjusted earnings per share. "The strategic moves we've made over the last few months to expand our wireless capacity and fortify our 5G leadership will be felt for years to come", said Randall Stephenson, AT&T Chairman and CEO.
However, Straight Path Tuesday reported that an unsolicited bid from a "multinational telecommunications company" is "superior" to AT&T's buyout offer.
On the call, AT&T reiterated that it had five business days to match or exceed the bid and that it would make a decision in that timeframe.
AT&T sheds more lucrative wireless customers in 1Q
AT&T's total operating revenue fell almost 3 percent to US$39.37 billion, mainly due to record-low sales of wireless handset sales.
First-quarter postpaid phone churn was a best-ever 0.9%.
AT&T said it ended the period with 4.6 million AT&T Fiber "customer locations" and plans to add 2 million to that total in 2017.
In the critical wireless segment, AT&T lost 191,000 postpaid phone subscribers, compared with analysts projections of a drop of 245,000, as competition in the quarter ratcheted up with service providers fighting for share with new unlimited-data plans. AT&T achieved operating margin of 30.1 percent, EBITDA margin of 41.8 percent and EBITDA wireless service margin of 49.3 percent. EPS fell on a headline basis, but adjusted EPS grew to $0.74 (in line) from a year-ago $0.72. These services represent an annualized revenue stream of almost $12 billion. AT&T also said it had 1.8 million connected devices on the 2G network it shut down in January; those 2G customers were removed from the company's subscriber count at the beginning of the year.
Trump, Erdogan to meet in May: Turkey FM
Reminded that "it was a win with slimmest of margin 51.4 percent to 48.6" in the referendum, Erdogan said a win was a win. Some voters had been unable to cast their ballots in private, he also said.