By Todd Spangler NY Digital Editor AT&T missed revenue and earnings estimates for the first quarter of 2020, with a 4.6% top-line decline driven by lower revenue at WarnerMedia and ongoing losses in its pay-TV biz.
The telco reported Q1 revenue of $42.8 billion and net income of $4.6 billion (adjusted earnings of 84 cents per share). Wall Street consensus estimates pegged revenue at $44.15 billion and adjusted EPS at 85 cents.
The lower-than-expected revenue was “primarily due to declines at WarnerMedia reflecting strong theatrical carryover revenues in the first quarter of 2019,” as well as continued declines in video subscriptions and legacy services.
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