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Erica Denhoff \/ Icon Sportswire \/ Getty Images<\/p>\n
AT&T shares entered Wednesday up 20% since the start of this year <\/p>\n
AT&T (T) beat second-quarter financial estimates on Wednesday morning, as it added more monthly phone customers but fewer internet subscribers than analysts had forecast.<\/p>\n
The telecommunications giant reported adjusted earnings per share of $0.54 for the quarter, while revenue came in at $30.8 billion, each just above what analysts had projected, per Visible Alpha estimates.<\/p>\n
AT&T added 401,000 net postpaid phone customers, well above the analyst consensus of about 292,500, and 243,000 net AT&T Fiber internet subscribers, which was weaker than the analyst consensus.<\/p>\n
The internet, cell service, and cable TV provider said it now expects mobility service revenue to grow by 3% or more this year, up from 2% to 3% previously, with fiber internet revenue forecast in the mid- to high teens rather than the prior mid-teens growth estimate. The company’s adjusted EPS projection of $1.97 to $2.07 stayed the same.<\/p>\n
AT&T said it expects to see $6.5 billion to $8 billion in tax savings by the end of 2028 because of the Trump administration’s recently signed tax and spending law<\/a>. The company said it plans to use the savings to fund its pension plan and speed up the pace of its fiber internet buildout.<\/p>\n Shares were down 3% shortly after Wednesday’s report. They entered the day up 20% since the start of this year.<\/p>\n AT&T’s revenue and phone subscriber additions topped estimates last quarter, while profits and internet customer growth fell short.<\/p>\n