Summary by Moomoo AI
AT&T reported Q2 2024 operating revenues of $29.8 billion, down 0.4% year-over-year, while net income attributable to AT&T decreased 19.9% to $3.6 billion. The company's Mobility segment showed strength with service revenue up 3.4% and 419,000 postpaid phone net additions, while operating income increased 1.6% to $6.7 billion.Business Wireline revenue declined 9.9% to $4.8 billion due to lower legacy service demand and the contribution of its cybersecurity business to LevelBlue. Consumer Wireline revenue grew 3.0% to $3.3 billion, driven by fiber broadband growth with 239,000 fiber net additions. The company recorded $480 million in restructuring charges related to network modernization.AT&T maintained strong cash flow with $16.6 billion in operating cash flow for the first half. The company reduced total debt to $130.6 billion from $137.3 billion at year-end 2023, while continuing strategic investments in 5G and fiber networks. Management is focused on network transformation initiatives including Open RAN deployment, though this led to accelerated depreciation of existing equipment.
