Summary by Moomoo AI
AT&T reported Q3 2024 operating revenues of $30.2 billion, down 0.5% YoY, while net income plunged to $145 million from $3.8 billion. The company recorded a $4.4 billion noncash goodwill impairment charge for its Business Wireline unit due to faster-than-anticipated decline in legacy services. Operating income fell 63.4% to $2.1 billion, with operating margin dropping to 7.0% from 19.1%.Mobility segment showed strong performance with service revenue up 4.0% to $16.5 billion, driven by subscriber gains and ARPU growth. The segment added 403,000 postpaid phone net additions and maintained low churn at 0.78%. Consumer Wireline revenue grew 2.6% to $3.4 billion, with 226,000 fiber broadband net additions bringing total fiber subscribers to over 9 million.Business Wireline revenue declined 11.8% to $4.6 billion due to lower demand for legacy services and the contribution of its cybersecurity business to LevelBlue. The company maintained strong cash flow with operating cash flow of $26.9 billion for the first nine months. Total debt was reduced to $129.0 billion, with a debt ratio improvement to 52.2% from 53.5% YoY.
