AT&T hits 12-year low as Wireless chief warns of slower industry growth
An ugly day for the stock market was especially rough on $AT&T (T.US)$, which slipped 4.4% on the day to seal its worst month in a year and a half - and reach its lowest point since the Global Financial Crisis, more than a decade ago.
That came as a presentation from Communications chief Jeff McElfresh raised new concerns about user growth in the wireless industry.
Speaking at a Wells Fargo conference, McElfresh worked to highlight momentum in mobility, saying over the past five quarters AT&T has delivered its best subscriber results in a decade (including nearly 4 million postpaid phone net additions, and 1.4 million fiber net adds).
"Total tonnage of EBITDA in the third quarter of '21 was a high-water mark for us," he says, noting Wireless raised its EBITDA by nearly 3.6%.
He added that the company's "three key elements" - simplified plans and targeted sub-segment approach, improved customer experience and network performance - are leading to lower churn and increased customer lifetime value.
He reiterated, though, that the outlook for 2022 and beyond doesn't assume a continuation of the outsized trends in net adds that we've seen.
"There's no doubt that the stimulus programs have put some extra cash in household budgets" this year, he says. "And so we're not expecting that level of activity to continue into 2022 and beyond. In fact, in a three-player market with the integration between Sprint and T-Mobile, we suspect the activity level for postpaid in 2022 is probably going to subside." AT&T does expect to take "more than our fair share," however, and he adds their guidance doesn't depend on outsized postpaid growth.
Expectations that average revenue per user on postpaid phones will stabilize next year means the company expects higher service revenues from the growing base, he says. Fewer than a quarter of gross adds and upgrades in Q3 traded in newer devices for premium promotional offers, and only about 20% of the company's postpaid smartphones are on Unlimited Elite, its highest-ARPU and fastest growing rate plan.
McElfresh's comments about dwindling industry user growth ahead did no favors for AT&T's wireless rivals today. $T-Mobile US (TMUS.US)$fell 4.1% (again, also amid a marketwide sell-off), and $Verizon (VZ.US)$fell 2.7%. $Dish Network (DISH.US)$, set to become the fourth national player in wireless over time, tumbled 5.7% today.
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Hamish Maclaren : 这简直太疯狂了，即使只增长了1％，股票也非常便宜。我永远不会让步或弃牌。现在，内部人士应该购买价值几百万美元的股票，除非他们隐瞒了什么，否则就没有意义了。
Sze How Ng : 这是税收亏损抛售，由于这种低迷，情况变得更糟了。如果您持有收益丰厚的赢家，并想将其出售以防下跌，那么您可能需要卖出$T以获得税收损失。
Scottie Hatmaker : 这看起来像一家公司的图表，该公司的高管们已决定进行有组织破产，为其期权计划创造新股。
Ford U : 所有这些人在评论中都在谈论他们的现金流。劳尔。等到这个无能的管理团队宣布再次以100亿美元的价格收购一家PoS公司，然后转过身来，在3年后以80亿美元的价格将其出售。电信公司的管理层看到了所有这些现金，他们觉得有必要花在垃圾上来证明自己的工作是合理的，而不是优化实际业务、偿还债务或将其退还给股东。按9％的股息率，他们应该按卡车装载回购股票。股权是他们迄今为止最大的资本成本。
Lloyd Ghiorso : 现在的股息高达9.11％！！！！！
Squid Guy Lloyd Ghiorso : 直到今天它才下跌4％... 祝你分红好运
muchtime Lloyd Ghiorso : 现在价格已降至22美元！！！
Rubyyo : 很少有公司像AT＆T那样对股东造成如此严重的破坏。AT＆T是过去十年来持有量最差的股票之一。
还需要多久才能跌至15美元？
Twinkle_Boo : 业内人士应该介入并买入——适用于所有三只电信股！
除非他们似乎都认为股价还有更大的下跌空间？！
GxAklulu Twinkle_Boo : _是什么原因导致了处置效应？查尔斯·法夫罗和瑞安·加维的《企业内部人士_》的证据