AT&T’s Q1 Earnings Beat Estimates, Wireless Subscriber Growth Slows AT&T (T) announced its Q1 earnings on Thursday, with adjusted earnings from continuing operations of 60 cents, down by almost 5% from the same period last year. However, it beat Wall Street estimates, as analysts had projected earnings of 58 cents per share on revenue of $30.2 billion, but AT&T’s revenue from continuing operations was $30.1 billion, slightly missing the target. The company’s wireless subscriber growth slowed down as expected, leading to a 5.1% decline in T stock to $18.70. In Q1, AT&T added 424,000 postpaid wireless phone customers, surpassing the estimated 396,000 gain. Nevertheless, this is a decline from the 691,000 subscribers added during the same period last year.
Analysts predict that T-Mobile US (TMUS) and Verizon Communications (VZ) will experience similar slowing subscriber growth. AT&T’s free cash flow for Q1 was $1 billion, which missed estimates of $3.2 billion. Despite the decline in stock prices, shares were up by nearly 7% in 2023 heading into the AT&T earnings report. WarnerMedia was spun off in April 2022 and merged with Discovery to form Warner Bros. Discovery (WBD).