AT&T posts 3Q profit, results miss Wall Street forecasts

DALLAS – DALLAS (AP) _ AT&T Inc. (T) on Wednesday reported earnings of $3 billion in its third quarter.

The Dallas-based company said it had profit of 58 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and to extinguish debt, came to 63 cents per share.

The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.

The telecommunications company posted revenue of $32.96 billion in the period, which also did not meet Street forecasts. Analysts expected $33.25 billion, according to Zacks.

AT&T shares have decreased roughly 2 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 4 per cent. In the final minutes of trading on Wednesday, shares hit $34.50, a decrease of 2 per cent in the last 12 months.


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