Shares of AT&T slid Wednesday as the wireless and entertainment company reported that its TV customer losses continued in the first quarter.
AT&T Inc., which owns DirecTV, said it lost 627,000 video customers in the January-March quarter. Its DirecTV Now streaming service, a cable alternative launched in 2016, lost customers for the second quarter in a row as the company ends deep discounts for the service.
The Dallas company plans to launch another streaming service focused on HBO and the WarnerMedia library, which it also owns, later this year. It will compete with a growing number of streaming services, including new ones from Disney and Comcast.
The country's second-largest wireless carrier after Verizon added 80,000 cellphone customers who pay a monthly bill, the more lucrative type of wireless customer. AT&T also added "prepaid" cellphone customers.
The WarnerMedia division, which houses its TV networks and movie studio, got a boost from the box office of "Aquaman."
Overall, AT&T reported net income of $4.1 billion, or 56 cents per share, down from $4.66 billion, or 75 cents per share, in the same quarter the year before.
Earnings, adjusted for one-time gains and costs, were 86 cents per share, beating analysts' estimate by 1 cent.
Revenue grew 18 percent to $44.83 billion in the period, which missed Street forecasts. Thirteen analysts surveyed by Zacks expected $45.09 billion.
AT&T shares dropped $1.27, or 4%, or $30.83 in late morning trading. They had increased 13% since the beginning of the year.
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Parts of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on T at https://www.zacks.com/ap/T
“Scandal” cast will reunite for online script reading for hurricane relief in western North Carolina
The cast of ABC's hit political drama "Scandal" may need to brush up on their snappy, speedy delivery known as "Scandal-pace," because they're reuniting for a good cause. Its stars including Kerry Washington, Tony Goldwyn and Bellamy Young will take part in a live virtual script reading on Nov. 17 to raise money for hurricane relief in western North Carolina.
Beginning Friday, fans can go online and donate to reserve a spot for the online reading. Proceeds will benefit United Way of North Carolina. Everyone who donates will be able to take part in a virtual pre-event with the cast and Shonda Rhimes will give an introduction.
Additional guest stars will also be announced. The online fundraising platform Prizeo is also holding a contest where one person who donates online via their site will be selected to read a role from the script with the actors. The winner should not worry about the "Scandal"-pace, assured Young over Zoom.
"Whomever the lucky reader is can read at whatever pace they want," she said.
Young, who played Mellie Young, the first lady and later Republican presidential nominee on "Scandal," was born and raised in Asheville, North Carolina. She came up with the idea for the effort with a friend and took it to her fellow "Scandal" actors, who all jumped on board. Young said this is the first script reading the cast has all done together since the show ended after seven seasons in 2018.
Which episode they will be reading has not been announced yet.
Young said it's "been devastating" to see so many parts of her hometown badly damaged by Hurricane Helene, which ravaged western North Carolina one month ago.
To research the best use for donations, Young spoke with numerous political leaders, including North... Read More