Sumary of UPDATE 5-AT&T raises forecast for revenue, HBO Max as business recovers from pandemic:
- N) on Thursday raised its full-year financial forecast as the telecoms company emerged from the pandemic with more wireless and internet customers, and beat analyst estimates for phone subscribers and revenue in the second quarter.
- The results come as AT&T is unwinding its expensive media investments to focus on its original business of providing phone and internet services.
- The company added 789,000 net new phone subscribers who pay a monthly bill during the quarter ended June 30, blowing past Wall Street estimates of 278,000 new subscribers, according to data from research firm FactSet.
- ‘STRONG EXIT VELOCITY’The Dallas-based company said its deal to sell a minority stake in DirecTV, its struggling satellite TV brand that continued to shed customers during the quarter, to buyout firm TPG Capital is expected to close within the next few weeks.
- AT&T Chief Executive John Stankey said the company’s commitment to WarnerMedia and DirecTV have remained the same to set the businesses up for success.
- On Wednesday, the company announced it would sell Vrio Corp, its DirecTV business unit in Latin America, to Argentina-based investment group Grupo Werthein after taking a $4.6 billion impairment charge.