AT&T (NYSE:T) released its second-quarter earnings report, meeting analyst expectations with an adjusted EPS of $0.57. However, revenue fell slightly short at $29.8 billion, just under the consensus estimate of $29.98 billion.
Despite the revenue miss, AT&T's stock saw an increase of over 3% in pre-market today, reflecting investor confidence in the company's stable performance and positive outlook.
The second-quarter revenue showed a minor decline of 0.4% compared to the same period last year, largely due to decreased Business Wireline service revenues and a drop in Mobility equipment revenues attributed to lower sales volumes. This decline was partially offset by a 3.4% rise in Mobility service revenues and a 7.0% increase in Consumer Wireline revenues, indicating solid year-over-year growth.
Looking forward, AT&T has reaffirmed its full-year 2024 guidance. The company projects wireless service revenue growth around 3% and broadband revenue growth exceeding 7%. Adjusted EBITDA growth is expected to be in the 3% range, with capital investment anticipated between $21 billion and $22 billion. Free cash flow is forecasted to be between $17 billion and $18 billion, and adjusted EPS is projected to range from $2.15 to $2.25, closely aligning with the analyst consensus of $2.22.