Shares of AT&T Inc fell 4% in premarket trade on Thursday as the wireless carrier missed Wall Street estimates for first-quarter revenue, signaling intense competition from rivals Verizon Communications Inc and T-Mobile US Inc .
Much like other sectors, telecoms are facing the pinch of consumers reluctant to spend more for 5G adoption and broadband connections on the back of high prices and soaring interest rates.
Analysts and investors watch postpaid phone figures closely as their customers pay a recurring monthly bill, making them valuable to the carriers. Growth was driven by higher revenue in broadband services, partly offseting lower equipment sales, AT&T said.
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