AT&T (NYSE:T) stock is rising higher on Thursday thanks to strong subscriber growth in its latest earnings report.
During the third quarter of 2022, AT&T added an additional 708,000 postpaid phone subscribers. This comes to more than 2.2 million through the third quarter of the year. To go along with that, it saw 338,000 AT&T Fiber net adds during the period.
AT&T notes that this subscriber growth boosted revenue to $30 billion. That’s better than Wall Street’s revenue estimate of $29.84 billion. Even if it’s 4.1% lower than the $31.3 billion reported in Q3 2021.
John Stankey, CEO of AT&T, said the following in the earnings report:
Our disciplined go-to-market approach is helping drive healthy subscriber growth with high-quality customers. As a result, we now expect to achieve wireless service revenue growth in the upper end of the 4.5 percent to 5 percent range. We remain confident in our ability to achieve, or surpass, all our financial commitments for the year, while still investing to bring our customers the industry’s best services.
Q3 EPS Is Also Raising AT&T Stock
During the quarter, AT&T brought in adjusted earnings per share (EPS) of 68 cents. That’s above the 61 cents per share that analysts were expecting in the quarter. It’s also an improvement over the 66 cents per share reported in the same period of the year prior.
T Stock is up 6.6% as of Thursday morning but is down 13.8% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
