AT&T Inc. (T) reported a drop in second-quarter profit on merger costs. AT&T said its net income fell to $3.7 billion, or 51 cents a share, from $5.1 billion, or 81 cents a share. Adjusted for merger costs and other items, AT&T said it would've earned 89 cents a share, meeting analyst estimates. Revenue rose 15% to $45 billion, slightly ahead of the $44.9 billion seen by analysts. The company reported 355,000 new subscribers in phones, but a 778,000 subscriber loss in premium TV and a 168,000 decline in DirecTV Now. The company lifted its free cash flow guidance to $28 billion but otherwise reiterated 2019 targets.
-Steve Goldstein; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 24, 2019 06:35 ET (10:35 GMT)
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