AT&T Inc. surpassed Wall Street revenue targets as the reopening of the US economy following pandemic-related restrictions boosted smartphone sales and the media business
The company said Thursday it added 595,000 net wireless subscribers in the first quarter, more than double what analysts had expected.
Actions of AT&T they rose 1.5% to $ 30.55 in premarket trading.
The company has invested heavily in its 5G wireless network and has included a free streaming service for HBO max with certain phone plans to attract customers.
AT & T’s controversial move to make its full list of 2021 theatrical films available to its streaming customers helped the company attract 2.7 million new subscribers to HBO and HBO Max.
The services now have a total of 44.2 million subscribers in the United States, according to AT&T.
The release of “Godzilla vs. Kong” has grossed more than $ 80 million at the box office in the United States and more than $ 300 million worldwide as the No. 1 film in the last three episodes. week.
AT&T revenue rose nearly 3% to $ 43.9 billion, beating analysts’ average estimate of $ 42.69 million, according to IBES data from Refinitive.
WarnerMedia, which includes HBO, began to recover from the ravages of the pandemic when sporting events and film productions were paused. WarnerMedia’s revenue rose 9.8% to $ 8.5 billion.
AT&T added 235,000 new fiber Internet customers as Americans continued to work from home during the pandemic, increasing demand for home Wi-Fi.
The company’s net debt rose to $ 169 billion at the end of the first quarter, due to the purchase of more wireless spectrum or data-transmitting waves.
Separately, rival Verizon Communications Inc. has said it lost more wireless subscribers than expected during the first quarter as it battled intense competition T-Mobile US Inc. and AT&T to attract customers.