U.S. telecommunications firm AT&T (T) has reported third-quarter financial results that beat Wall Street estimates and raised its target for free cash flow for the remainder of the year.
The company reported earnings per share (EPS) of $0.64 U.S., which edged forecasts of $0.62 U.S.
Revenue in Q3 was up 1% from a year earlier at $30.40 billion U.S. Analysts had penciled in revenue of $30.20 billion U.S. for the July through September quarter.
Looking ahead, AT&T raised its guidance for free cash flow for the rest of 2023.
The company said it now anticipates free cash flow of $16.5 billion U.S. Previous guidance had called for free cash flow of $16 billion U.S.
The company also said that its broadband revenue should grow 7% or better this year.
Net additions of wireless postpaid phone subscribers in Q3 totaled 468,000, and net adds for consumer wireline fibre optic service was 296,000. Both numbers came in ahead of analysts’ expectations.
AT&T’s stock has declined 8% over the last 12 months and currently trades at $14.32 U.S. per share.