.July 24, 2024 10:00 AM

AT&T (NYSE:T) reported second-quarter earnings with an adjusted EPS of $0.57, meeting analyst expectations. Revenue fell slightly short at $29.8 billion, just below the consensus estimate of $29.98 billion. Despite this, the stock saw a 3% increase in pre-market trading, reflecting investor confidence in the company’s performance.

The revenue for the second quarter showed a minor decline of 0.4% compared to the same period last year. This was due to decreased Business Wireline service revenues and lower Mobility equipment revenues, offset by rises in Mobility service revenues and Consumer Wireline revenues, indicating overall growth.

AT&T has reaffirmed its full-year 2024 guidance, projecting wireless service revenue growth around 3% and broadband revenue growth exceeding 7%. Adjusted EBITDA growth is expected to be around 3%, with capital investment between $21 billion and $22 billion. Free cash flow is forecasted to be between $17 billion and $18 billion, and adjusted EPS is projected to range from $2.15 to $2.25, aligning closely with analyst consensus.