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AT&T beats wireless subscriber estimates; earnings hit by $25 billion charge

Since selling its media assets last year, AT&T has renewed its focus on its telecoms business and ramped up competition with Verizon for subscribers.

January 25, 2023 / 05:17 PM IST
(Representative Image)

(Representative Image)

AT&T Inc on Wednesday reported more subscriber additions in the fourth quarter than expected, as aggressive promotions during the holiday season helped it attract more customers that were looking to upgrade their devices and internet plans.

Since selling its media assets last year, AT&T has renewed its focus on its telecoms business and ramped up competition with Verizon for subscribers.

The U.S. carrier added 656,000 postpaid phone subscribers in the latest quarter, above Factset estimates of 644,800 additions. Analysts and investors closely watch postpaid subscribers as those customers pay a recurring monthly bill, making them valuable to the carriers.

AT&T posted a loss from continuing operations of $23.1 billion, or $3.20 per share, in the quarter, after taking a $25 billion impairment charge primarily due to rising interest rates and asset impairments.