"AT&T posted $30.70 billion in revenue, missing estimates by $190 million but growing 1.6% year over year. Consumer fiber broadband jumped 16.8% to $2.2 billion. Management highlighted that 41% of AT&T Fiber households now also subscribe to AT&T Mobility, validating CEO John Stankey's convergence strategy of "winning the race to lead in convergence." Mobility service revenue climbed 2.3% to $16.9 billion."
"Free cash flow reached $4.9 billion, up from $4.6 billion the prior year. Management reiterated guidance for 3% or better mobility service revenue growth and mid-to-high-teens fiber broadband expansion. Verizon took a different path. CEO Dan Schulman described the company as standing at "a critical inflection point" and promised to "aggressively transform our culture, our cost structure, and the financial profile." Three weeks after earnings, Verizon announced plans to eliminate 15,000 jobs-15% of its workforce and the largest layoff in company history."
AT&T reported $30.70 billion in revenue, up 1.6% year over year, with consumer fiber broadband revenue up 16.8% to $2.2 billion and mobility service revenue up 2.3% to $16.9 billion. Forty-one percent of AT&T Fiber households also subscribe to AT&T Mobility. AT&T spent $23 billion on low- and mid-band spectrum, repurchased $1.5 billion in Q3 shares, and generated $4.9 billion in free cash flow. Management reiterated growth guidance for mobility and mid-to-high-teens fiber expansion. Verizon reported $33.82 billion in revenue, missed estimates by $1.49 billion, saw modest wireless service growth, and posted a 48% net income increase driven by margin expansion. Verizon announced a cultural and cost transformation and plans to eliminate 15,000 jobs.
Read at 24/7 Wall St.
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