The telecom giant exceeded earnings forecasts and reported strong subscriber growth, driving a 2.3% year-over-year revenue increase.
AT&T posted second-quarter earnings that surpassed analyst expectations, with revenue climbing 2.3% year over year to $31.6 billion. Adjusted earnings reached $0.65 per share, above the $0.59 consensus estimate, while continuing operations earnings rose to $0.66 from $0.62 a year earlier.
Subscriber growth outpaced forecasts, with 432,000 net postpaid phone additions compared to the expected 338,500. Internet subscriber growth hit a record 646,000 net additions, led by fiber and fixed wireless. Postpaid phone churn held at 0.86%, while the advanced connectivity segment saw revenue grow 5.1% and operating income jump 20.3%.
Legacy services revenue declined 26% as the company continues phasing out copper infrastructure. AT&T also announced plans to accelerate share repurchases to approximately $10 billion this year, up from $8 billion previously.