New wireless subscribers boost earnings for Dallas-based AT&T

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Dallas-based AT&T beat analysts’ estimates for profit in the first quarter as it added more wireless phone customers than expected.

AT&T has shed media properties and narrowed its focus to its longtime core business of providing communications services.

Teresita Gaytan, of Dallas, looks down at her phone while walking her dog Chance at AT&T Discovery District in downtown Dallas, February 22, 2024., compared with analysts’ average prediction of 53 cents. Revenue was $30 billion in the period ended March 31, the company said in a statement Wednesday. That fell short of the $30.5 billion Wall Street was looking for.

AT&T added 349,000 wireless phone subscribers in the first quarter, beating the 303,539 average estimate of analysts. About 252,000 new customers signed up for AT&T’s fiber service, compared with expectations of 260,000.AT&T reported 110,000 customers for its Internet Air service introduced in August. The wireless technology sends signals to a device in a home or business over airwaves, rather than a fixed line.

The technology often called fixed wireless has accounted for nearly all of the recent broadband subscriber gains across the industry.The shares were down 1.7% so far this year through the close of trading on Tuesday. Verizon Communications Inc. gained 5.3% over the same period, while T-Mobile US Inc. was up 1.8%.Dallas-based TGI Fridays plans to go public through acquisition by U.K. franchisee

 

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