(Reuters) – AT&T Inc missed fourth-quarter revenue estimates on Wednesday as another decline in subscriptions to satellite TV provider DirecTV overshadowed an increase in monthly phone customers.
FILE PHOTO: Shoppers walk past an AT&T as pre-Thanksgiving and Christmas holiday shopping accelerates at the King of Prussia Mall in King of Prussia, Pennsylvania, U.S. November 22, 2019. REUTERS/Mark Makela
AT&T has spent a combined $134 billion on DirecTV and Time Warner to transform itself into a media company, but is struggling to stem the loss of valuable satellite subscribers as audiences switch to streaming services.
Analysts at New Street Research said in a note that although AT&T’s wireless subscriber growth was strong, “everything else” was worse than expected.
AT&T shares were down 3.1% to $37.37 in morning trading on the New York Stock Exchange.
Revenue from the entertainment segment, which includes DirecTV, fell 6.1% from the year-ago quarter to $11.23 billion.
Source Reuters Tech News