AT&T reported Q3 net income at $5.9bn up 2.1x YoY. However, revenue was $39.9bn, down 5.7% YoY that include a net $1.8bn of revenues tied to DirecTV and the company’s video operations, which were spun off during the quarter. Excluding that unit, revenues were up 4.7%. The company said it added a net 1.2mn postpaid subscribers well above estimates of 688,000. Over the last four quarters, the company reported it had 4.4mn wireless postpaid subscribers. AT&T is in the process of spinning off its WarnerMedia subsidiary and merging it with Discovery (DISCA) with the deal expected to close by June next year. AT&T CEO John Stankey said, “We had our best postpaid phone net add quarter in more than 10 years, our fiber broadband net adds increased sequentially, and HBO Max global subscribers neared 70 million.”
AT&T’s bonds were slightly lower with its 5.25% 2037s down 1.1 points to 121.36, yielding 3.4%.
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