AT&T Details $430M Virus Pandemic Earnings Hit for First Quarter, Loses 1.04M TV Subs
Telecom giant AT&T on Wednesday reported its first-quarter financials, the first set of results affected by a few weeks' worth of the coronavirus pandemic. It detailed a $433 million hit to quarterly earnings before interest, taxes, depreciation and amortization and a roughly $600 million revenue impact, but added: "The economic effects of the pandemic and resulting societal changes are currently not predictable." "In the first quarter of 2020, we recognized approximately $430 million, or $0.05 per share, of incremental costs associated with bad debt reserves, voluntary corporate actions taken primarily to protect and compensate front-line employees and contractors, and WarnerMedia production shutdown costs," the company explained.