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AT&T Warns Coronavirus Financial Impact ‘Could Be Material,’ Nixes $4 Billion Stock-Buyback Plan

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variety.com
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AT&T called off plans to repurchase $4 billion in stock during the second quarter — and has halted all other buybacks — saying it has decided to keep the cash to invest in its networks and taking care of employees during the coronavirus pandemic.

The telco, which made the disclosure Friday in an SEC filing, said that while its business “continues to operate effectively” during the COVID-19 outbreak the ongoing crisis could have a material impact on financial results. “The COVID-19 pandemic has and will continue affecting economies and businesses around the world.

The impacts of the pandemic could be material, but due to the evolving nature of this situation, we are not able at this time to estimate the impact on our financial or operational

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