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10-Q: Q1 2024 Earnings Report

SEC ·  May 2 06:10

Summary by Moomoo AI

AT&T Inc. reported its financial results for the first quarter ended March 31, 2024. The company saw a slight decrease in operating revenues, which totaled $30,028 million, a 0.4% decline from the previous year's $30,139 million. This was primarily due to a drop in Mobility equipment revenue and Business Wireline service revenues, partially offset by increases in Mobility service, Consumer Wireline, and Mexico revenues. Operating expenses were slightly up by 0.2%, totaling $24,181 million. Operating income fell by 2.6% to $5,847 million. Net income attributable to AT&T was $3,445 million, a decrease of 18.5% from the previous year's $4,228 million. The company's Communications segment experienced a 1.0% decrease in operating revenues, while the Latin America segment saw a 20.4% increase. AT&T's Mobility unit reported a 0.1% increase in...Show More
AT&T Inc. reported its financial results for the first quarter ended March 31, 2024. The company saw a slight decrease in operating revenues, which totaled $30,028 million, a 0.4% decline from the previous year's $30,139 million. This was primarily due to a drop in Mobility equipment revenue and Business Wireline service revenues, partially offset by increases in Mobility service, Consumer Wireline, and Mexico revenues. Operating expenses were slightly up by 0.2%, totaling $24,181 million. Operating income fell by 2.6% to $5,847 million. Net income attributable to AT&T was $3,445 million, a decrease of 18.5% from the previous year's $4,228 million. The company's Communications segment experienced a 1.0% decrease in operating revenues, while the Latin America segment saw a 20.4% increase. AT&T's Mobility unit reported a 0.1% increase in operating revenues, driven by growth in wireless and broadband services. Business Wireline revenues declined by 7.8%, and Consumer Wireline revenues increased by 3.4%. The company's Mexico operations improved, with operating income rising from a loss of $30 million to a gain of $3 million. AT&T continues to invest in network upgrades and expansion, particularly in 5G and fiber technologies. The company's capital expenditures for the quarter were $3,758 million, with an additional $841 million paid for vendor financing. AT&T remains compliant with the covenants of its credit facilities and maintains a debt ratio of 52.4%. The company's future outlook includes continued investment in strategic initiatives and managing the competitive and regulatory environment.

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