AT&T stock drops more than 10% for its worst day since 2000 and second-largest decline on record.
Shares of AT&T Inc. were on track for their worst day since 2000 Thursday after the company fell short of free-cash flow expectations but reiterated its full-year target on the closely watched metric.
Amir Rozwadowski, the company’s head of investor relations, told MarketWatch that the company’s capital investment was up on a year-over-year basis in the quarter due to the timing of 5G and fiber build-out initiatives. AT&T shares finished off 10.4% in Thursday trading, their biggest one-day percentage decline in more than two decades and their second-worst drop on record. Only the stock’s 12.7% tumble on Dec. 19, 2000, was steeper.
AT&T is seeing “really low churn levels for us on historical basis,” Rozwadowski added, with more customers trading up to higher-priced plans. Postpaid phone churn was 0.81%, though that was up slightly from 0.79% in the year-prior period.
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