AT&T's fourth quarter earnings topped expectations as the company added 229,000 net wireless postpaid customers but continued to lose video subscribers. The company said its 5G network will be launched mid-year.
The company, a telecom, wireless and media conglomerate, reported adjusted fourth quarter earnings of 89 cents a share on revenue of $46.8 billion.
Wall Street was expecting AT&T to report fourth quarter revenue of $46.96 billion and adjusted earnings of 87 cents a share.
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For the year, AT&T reported earnings of $1.89 a share on revenue of $181.2 billion. The company also said it cut its net debt by $20.3 billion over the year and achieved its savings target of a $700 million run rate after acquiring Time Warner. AT&T ended the quarter with $151 billion in net debt.
AT&T is prepping the launch of its HBO Max streaming service in May. The company reiterated its 2020 outlook. Among the moving parts:
For 2020, AT&T is projecting revenue growth of 1% to 2% with adjusted earnings of $3.60 a share to $3.70 a share. AT&T said it expects to pay off 100% of the acquisition debt from the Time Warner purchase in the next three years.