AT&T Stock Gains Pre-Market After Wireless Subscriber Additions Tops Estimates: Retail Mood Lifts

Shares of AT&T Inc ($T) gained over 3% in Wednesday’s pre-market session after the firm added more wireless subscribers during the third quarter than estimated.

The company added 403,000 wireless subscribers during the quarter compared to an estimated 393,430 additions. AT&T registered a postpaid phone churn of 0.78% during the quarter.

Meanwhile, revenues for the third quarter came in at $30.2 billion, versus an estimated $30.44 billion. The decline in revenue was driven primarily due to lower Business Wireline service revenues and declines in Mobility equipment revenues led by lower sales volumes.

Earnings per share (EPS) came in at $0.60 compared to an estimate of $0.57.

During the quarter, the firm added 226,000 AT&T Fiber customers. CEO John Stankey said despite severe weather and a work stoppage in the Southeast, this is the firm’s 19th straight quarter of adding more than 200,000 new Fiber customers.

“We are investing at the top of the industry, reducing debt and growing free cash flow year to date,” he said.

For the full year, AT&T reiterated wireless service revenue growth in the 3% range and broadband revenue growth of over 7%. The company expects adjusted EPS in the $2.15-$2.25 range.

Following the earnings release, retail sentiment on Stocktwits jumped into the ‘extremely bullish’ territory (75/100) from ‘neutral’ a day ago. The move was accompanied by high message volumes.

Stocktwits users with a bullish sentiment on the stock are expressing optimism on the results.

Shares of AT&T have gained over 24% since the beginning of the year, mostly in line with the benchmark indices’ performance.

Also See: Coca-Cola Stock In Focus After Q3 Earnings Top Estimates: Here’s What Retail Thinks

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