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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (56729)	6/20/2023 12:11:36 PM
From: Johnny Canuck	Read Replies (1) of 68046

AT&T Sees Drop in Postpaid Subscribers. But It’s Not All Bad News. Published: June 20, 2023 at 11:29 a.m. ET By Angela Palumbo comments1 Email icon Facebook icon Twitter icon Linkedin icon Flipboard icon Reprint Print icon Resize icon Referenced Symbols T -1.15% VZ -1.33% TMUS -0.19% AT&T is expected to report second-quarter earnings on July 26. JUSTIN SULLIVAN/GETTY IMAGES AT&T said Tuesday that it anticipates to report a decline in postpaid phone subscriber additions in the second quarter, but the telecommunications company remains on track to deliver full-year free cash flow of $16 billion. AT&T (ticker: T) Chief Financial Officer Pascal Desroches said at a conference Tuesday the company is tracking to report slightly more than 300,000 second-quarter postpaid phone net additions. In the first quarter, AT&T reported 424,000 net additions. The telecommunications company also said at the time that the first quarter was the 11th straight quarter with more than 400,000 net adds. AT&T attributed the expected decline in postpaid phone net additions to “deliberate decisions to not pursue business with an uneconomic return profile,” and the “temporary impacts from competitor product launches.” Shares of AT&T were down 1.2% Tuesday to $15.88. The stock has fallen 14% this year. Other telecommunication stocks also traded lower. Verizon Communications (VZ) fell 1.3% and T-Mobile (TMUS) declined 0.4%. AT&T’s Desroches reiterated the company’s guidance for full-year free cash flow of $16 billion or better and said that second-quarter free cash flow was expected at between $3.5 billion and $4 billion. Free cash flow was $1 billion in the company’s first quarter. AT&T also expects to deliver “profitable 5G and fiber net addition growth in the second quarter,” saying it expects fiber net additions in the period in the mid-200,000 range. AT&T is expected to report second-quarter earnings on July 26. Write to Angela Palumbo at angela.palumbo@dowjones.com

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