Saturday, 21 October, 2017

AT&T Lowers Quarterly Financial Targets From Hurricanes, Earthquakes

AT&T's DirecTV Now streaming service builds momentum AT&T filing: Natural disasters hitting earnings; DirecTV Now at 300K adds
Sammy Stanley | 13 October, 2017, 08:00

AT&T, the parent company of DirecTV, will report losing 90,000 video customers when it discloses quarterly financial results this month due in part to cord-cutting, the telecommunications company said Wednesday in a regulatory filing.

The No. 2 US wireless carrier said third-quarter consolidated revenue was hurt by about $90 million and pre-tax earnings by about $210 million, or 2 cents per share.

Shares in AT&T Inc (NYSE:T) were lower in pre-market trading after the telecoms giant issued a profit warning on Wednesday evening.

In pre-released select video subscriber trends for the third quarter of 2017, AT&T estimates it will add 300,000 DirecTV Now subscribers for the period, beating analysts' expectations.

AT&T attributed the lower total video adds to more intense competition in the traditional pay-TV markets and OTT services, severe storms that hit the country, and tighter credit standards.

Samsung's Star Wars themed robot vacuums are the droids you're looking for
For example, when powering on the Darth Vader unit, the vacuum will play and mimic the character's infamous breathing. Additionally, the Darth Vader edition comes with Wi-Fi connectivity and a remote control.

"We expect further reductions in the fourth quarter as we continue to assess damage to our network and fully restore service".

Despite the short-term blemishes, the company said its full-year forecast of $22 billion in capital expenditures and mid-single-digit growth in adjusted earnings remains valid.

AT&T expects almost 300,000 DirecTV Now net adds, though total U.S. video subscribers will fall by about 90,000.

The mobile network operator continued to expand its post-paid smartphone base, despite seeing nearly 900,000 fewer handset equipment upgrades than in the year-ago third quarter.

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