AT&T CEO John Stankey (pictured) predicted its annual wireless revenue growth to come in at the higher end of a forecast 4.5 per cent to 5 per cent after an increase in Q3 he stated was its highest year-on-year gain in more than a decade.
The operator registered post-paid phone net additions of 708,000, taking its total to 2.2 million, with prepaid gains of 108,000. The period also continued a run of net fibre user rises in excess of 200,000 which spans 11 consecutive quarters.
On an earnings call, Stankey noted AT&T’s full-year service revenue growth was on track to be “200 basis points higher than where we expected to land at the start of the year”.
He noted an increase in post-paid subscriber churn from 0.72 per cent in Q3 2021 to 0.84 per cent was “no greater than what we expected”, attributing the increase to price rises implemented this year
“It still makes the pricing changes accretive overall.”
Wireless service revenue of $15.3 billion was up 5.6 per cent.
AT&T’s fibre unit recorded net additions of 338,000.
“We’ve added nearly 2.3 million fibre locations through three quarters to bring our total customer locations to 18.5 million,” Stankey said. “This keeps us on track to achieve our target of 30 million plus locations by the end of 2025.”
Stankey noted the company has already reached its annual goal of deploying 100 million mid-band 5G points-of-presence and now expects to hit more than 130 million.
Revenue fell from $31.3 billion to $30 billion, with net profit attributable to AT&T of $6 billion compared with $5.9 billion in Q3 2021.
Cashflow stood at $3.8 billion, with AT&T reiterating guidance for of $14 billion for the full year.