AT&T Inc. revealed on Wednesday in a press release that its revenue in the initial trimester of fiscal 2024 decreased by 0.4% on an annual basis to $30 billion, slightly below analyst expectations.
Operating income in the quarter amounted to $5.8 billion, falling by 2.6% year over year. In the reported three-month period, diluted earnings per share dropped 17.5% compared to the same timeframe a year prior, landing at $0.47.
"Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues," AT&T CEO John Stankey noted. "Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline."
The company's stock fell 2.06% in the premarket trade following the results.
