AT&T Inc. lost more TV and wireless subscribers than anticipated last quarter as the phone giant retreated from promotions while working on reducing a debt load stemming from its takeover of Time Warner.
AT&T Inc. lost more TV and wireless subscribers than anticipated last quarter as the phone giant retreated from promotions while working on reducing a debt load stemming from itsThe Dallas telecom company said Wednesday that its number of TV subscribers shrank by 627,000 in the first quarter. Wireless subscribers shrank by 204,000, mainly due to a drop-off in tablets. Analysts had predicted losses of 389,000 and 50,000, respectively.AT&T reported first-quarter earnings of $4.
AT&T is, for now, sacrificing subscribers to manage its balance sheet, a strategy that has risks because monthly phone and TV customers generate cash flow that supports dividends and buybacks in the long term. The company spent $85 billion on Time Warner last year, gaining must-see content as more customers ditch conventional pay TV for streaming alternatives such as subscriptions to Netflix Inc.
But before AT&T invests in its media assets, it is focusing on the debt. At the end of the quarter, net debt stood at $169 billion, down from $180 billion when the deal closed. AT&T said Wednesday that it reduced net debt by $2.3 billion in the first quarter. It is
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