AT&T shares fall after earnings

US telecommunications giant, AT&T Inc. (NYSE: T), released its latest financial results before the opening bell in Wall Street on Wednesday.

The company reported revenue of $32.022 billion for Q4 2023 vs. $31.457 billion. Revenue was up by 2.2% year-over-year.

Earnings per share (EPS) fell short of analyst estimate of $0.557 per share at $0.54 per share for the quarter, down by 12.96% year-over-year.

Full year revenue reached $122.4 billion, up by 1.4% vs. 2022.

Company overview

• • Founded: 1885
  • Headquarters: Whitacre Tower, Dallas, Texas, United States
  • Number of employees: 160,700 (2023)
  • Industry: Telecommunications, Technology

• Key people: William Kennard (Chairman), John Stankey (CEO)

CEO commentary

”We accomplished exactly what we said we would in 2023, delivering sustainable growth and consistent business performance, resulting in full-year free cash flow of $16.8 billion, ahead of our raised guidance. As we advance our lead in converged connectivity, we will continue to scale our best-in-class 5G and fiber networks to meet customers’ growing demand for seamless, ubiquitous broadband, and drive durable growth for shareholders,” John Stankey, CEO of AT&T, said in a statement to investors.

Stock reaction

The stock was down by 2.97% at the end of trading day on Wednesday at $16.68 a share.

Stock performance

• 5 day: +1.71%
• 1 month: +0.66%
• 3 months: +9.87%
• Year-to-date: -0.54%
• 1 year: -18.27%

AT&T stock price targets

• Oppenheimer: $21
• Wells Fargo & Company: $20
• Royal Bank of Canada: $30
• Citigroup: $18
• Morgan Stanley: $19
• Scotiabank: $18.50
• JP Morgan Chase & Co.: 17
• Deutsche Bank: $22
• Barclays: $17
• Moffett Nathanson: $17
• HSBC: $19
• TD Cowen: $23
• Raymond James: $25
• Cowen: $25
• Credit Suisse Group: $19

AT&T Inc. is the 115th largest company in the world with a market cap of $119.33 billion, according to CompaniesMarketCap.

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Sources: AT&T Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap