AT&T (NYSE:T) earnings for the wireless company’s second quarter of 2020 have T stock down on Thursday. That’s despite the company’s adjusted earnings per share of 83 cents beating out Wall Street’s estimate of 79 cents. However, its revenue of $40.95 billion is below analysts’ estimates of $41.1 billion.
Now, let’s take a closer look at the most recent AT&T earnings report below.
- Adjusted per-share earnings are down 6.7% from 89 cents in the second quarter of 2019.
- Revenue for the quarter comes in 8.9% lower than the $44.96 billion reported during the same time last year.
- Operating income of $3.53 billion is a 52.9% drop year-over-year from $7.5 billion.
- The AT&T earnings report also contains a net income of $1.56 billion.
- That’s a 60.7% decrease from the company’s net income of $3.97 billion in the same period of the year prior.
John Stankey, CEO of AT&T, said the following about the company’s earnings report.
“Our solid execution and focus in a challenging environment delivered significant progress in the quarter, most notably the successful launch of HBO Max, resilient free cash flow and a strengthened balance sheet.”
AT&T only provides limited guidance in its earnings report due to the novel coronavirus. It’s expecting gross capital investment in the $20 billion range for the year. To go along with that, it’s aiming for the total dividend payout ratio at the end of the year to be in the low-60% range.
T stock was down 1% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.