AT&T Inc said on Thursday it lost monthly phone subscribers and suffered a $2 billion revenue decline due to delayed movie releases and advertising shortfalls in the second quarter as the COVID-19 pandemic ravaged its business.
FILE PHOTO: The company logo for AT&T is displayed on a screen on the floor at the New York Stock Exchange in New York, U.S., September 18, 2019. REUTERS/Brendan McDermidThe media and telecommunications company, which launched streaming service HBO Max in May, reported 36 million subscribers for both “HBO Max/HBO”. In the first quarter, HBO had about 33 million customers.
In the second quarter, AT&T lost 151,000 postpaid mobile phone subscribers, which included the loss of 338,000 customers who stopped paying but were kept on the network as part of a federal program to keep Americans connected to wireless networks during the pandemic.AT&T’s WarnerMedia segment has been reeling under production delays and had to postpone the release of Christopher Nolan’s highly-anticipated “Tenet” thrice as theater chains remained largely shut.
The company lost 886,000 premium TV subscribers which includes satellite TV provider DirecTV and a smaller number of U-Verse customers.The company said it expects dividend payout ratio at the end of 2020 to be in the 60%s range and is aiming for the lower end of that range. Total quarterly revenue fell nearly 9% to $41 billion. Analysts on average had expected $41.10 billion, according to IBES data from Refinitiv.Our Standards:
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