AT&T quarterly profit tops estimates, shares rise

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NEW YORK (Reuters) – AT&T Inc (T.N) said on Wednesday that quarterly profit beat Wall Street analyst estimates, helped by impacts from tax cuts and wireless subscriber additions.

Net income attributable to AT&T was $19.0 billion, or $3.08 per share, in the fourth quarter ended Dec. 31, up from $2.4 billion, or 39 cents a share, in the year-earlier period.

Shares rose 4 percent to $38.93 in after-hours trading.

Excluding items, AT&T reported earnings of 78 cents per share, which included a 13-cent impact from tax cuts signed into law by U.S. President Donald Trump late last year. Analysts on average were expecting earnings of 65 cents per share, according to Thomson Reuters I/B/E/S.

Revenue was $41.7 billion, compared with $41.8 billion in the year-earlier period. Analysts had expected $41.2 billion.

AT&T also said it added 329,000 phone subscribers who pay a monthly bill in the quarter, compared with a loss of 67,000 a year earlier.

Reporting by Anjali Athavaley; Editing by Matthew Lewis

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