AT&T reported first-quarter results impaired by COVID-19, with WarnerMedia operations suffered the worst impact from the virus. Revenue came in at $42.8 billion, which was below the consensus v…
Revenue came in at $42.8 billion, which was below the consensus view of Wall Street analysts, who were looking for $44.2 billion. In the year-ago quarter, revenue was $44.8 billion. Earnings of 84 cents a share also missed estimates, but AT&T said without the virus earnings would have been 89 cents, ahead of the consensus of 85 cents.
WarnerMedia revenue dropped from $8.4 billion in the year-earlier quarter to $7.4 billion. March Madness, the NCAA men’s basketball tournament that is an annual revenue-producing highlight for TBS, was canceled this year. Another major hit to revenue was the loss of the NBA playoffs, long a mainstay of TNT. Warner Bros. has also been at a virtual standstill, unable to release theatrical movies or continue production activities.Wireless was a bright spot.
The company said the path through 2020 remains uncertain, and it has withdrawn official financial guidance, but it emphasized having “ample liquidity” to continue funding operations. Even before the virus, AT&T has faced scrutiny over its high leverage as it works to digest the $81 billion acquisition of Time Warner in 2018.
“We’re able to continue investing in critical growth areas like 5G, broadband and HBO Max, while maintaining our dividend commitment and paying down debt,” CEO Randall Stephenson said in the official earnings release. WarnerMedia on Tuesday announced HBO Max will launch on May 27. The streaming service is one of several billion-dollar efforts to hit the market as rivals look to slow the momentum of Netflix, which reported a record surge of subscribers as it benefited from the pandemic’s stay-at-home orders.
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