AT&T (NYSE:T) earnings for the first quarter of 2020 have T stock slightly lower on Wednesday afternoon. This comes after reported revenue of $42.78 billion was under Wall Street’s estimate of $44.21 billion. The telecom company’s adjusted earnings per share (EPS) of 84 cents was also below analysts’ expectations of 85 cents.
Here is what else is worth mentioning from the most recent AT&T earnings report.
- Adjusted EPS was down 2.3% from 86 cents during Q1 2019.
- Revenue for the quarter comes in 4.57% lower compared to $44.83 billion during the same time last year.
- Operating income of $7.49 billion was 3.6% better year-over-year than $7.23 billion
- The AT&T earnings report also includes a net income of $4.61 billion.
- That’s 12.44% better than $4.1 billion from the first quarter of 2019.
Randall Stephenson, chairman and CEO of AT&T, has this to say about the T stock earnings report:
“The COVID pandemic had a 5 cents per share impact on our first quarter. Without it, the quarter was about what we expected — strong wireless numbers that covered the HBO Max investment, and produced stable EBITDA and EBITDA margins.”
AT&T has withdrawn its guidance due to the ongoing effects of the novel coronavirus. That said, we know what Wall Street is looking for. Analyst expectations for fiscal year 2020 call for EPS of $3.41 on revenues of $176.98 billion.
T stock ended the day Wednesday down 1.34%, and was marginally lower after-hours.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.