Report
Alex Zhao
EUR 147.86 For Business Accounts Only

AT&T continues to spend money freely in search of growth in the television business.

AT&T’s fourth-quarter results were not impressive, with total revenue barely flat year over year. Adjusted EBITDA margin was down about 2 percentage points, even after accounting for nonrecurring charges in both quarters. Profitability suffered primarily from rising content and startup costs associated with DirecTV Now. We believe competitive pressure in the wireless market will persist into 2017, and so will AT&T’s sluggish growth in wireless phone subscribers in a prolonged price war. ...
Underlying
AT&T Inc.

AT&T is a holding company. Through its subsidiaries, the company is a provider of telecommunications, media and technology services. The company's Communications segment provides wireless and wireline telecom, video and broadband services. The company's WarnerMedia segment includes media and entertainment businesses that principally develop, produce and distribute feature films, television content, and other content globally; and operate digital media properties. The company's Latin America segment provides entertainment services in Latin America and wireless services in Mexico. The company's XANDR segment relies on using data from its customer relationships, to develop digital and video advertising that is relevant to consumers.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Alex Zhao

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