AT&T 3Q23 Quick Take
Service revenue, EBITDA and EPS were all slightly better than consensus. Operating FCF beat slightly too, and reported FCF beat by a wide margin thanks to a strong contribution from DTV. Wireless adds beat on very low churn. Fiber adds beat too. Guidance was increased for EBITDA and FCF. Our thoughts on results and our preliminary read throughs for wireless and broadband markets in this brief note.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.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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