AT&T: quick thoughts following the 1Q25 call
What’s new: in this note we cover the new share repurchase guidance for 2025, and why it fell short of our estimates; the implications of the share repurchase guidance on M&A; comments that speak to the likelihood of a Lumen fiber acquisition; the impact of tariffs on costs and capex, and potentially on mobile industry growth; the puts and takes to EBITDA, and why it wasn’t quite as good as it first seemed; and comments on FWA capacity.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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