The US telecom operator AT&T released its third quarter 2022 financial report today. According to the financial report, AT&T's third-quarter revenue was $30 billion, down 4.1% from $31.3 billion in the same period last year. Profit was $6.3 billion, compared with $5.0 billion a year earlier.
Third quarter results:
- Revenue was $30.0 billion, down 4.1% from $31.3 billion a year earlier, mainly due to the divestiture of the U.S. video business. Excluding the impact of the video business, third-quarter revenue increased by 3.1% from $29.1 billion in the same period last year.
- Among them, wireless service revenue increased by 5.6% year-on-year, the highest increase in 10 years. Broadband service revenue increased by 6.1% year-on-year.
- Operating expenses were $24.0 billion, compared to $25.1 billion a year earlier.
- Operating profit was $6.0 billion, compared to $6.2 billion a year earlier. Excluding restructuring charges and other specific expenses, adjusted operating profit was $6.2 billion, compared with $6.4 billion a year earlier.
- Profit from continuing operations was $6.3 billion, compared to $5.0 billion a year earlier.
- Diluted earnings per common share were $0.79, compared to $0.63 a year earlier; adjusted non-GAAP diluted earnings per common share were $0.68, compared to $0.66 a year earlier.
- Cash from operations was $10.1 billion, an increase of $0.8 billion year over year. Capital expenditures were $5.9 billion, an increase of $1.5 billion year over year. Total capital investments were $6.8 billion and free cash flow was $3.8 billion. AT&T had $131.1 billion in net debt at the end of the third quarter.
- In the third quarter, AT&T added 708,000 net postpaid phone subscribers and 338,000 fiber subscribers, the 11th consecutive quarter with a net increase of more than 200,000.
Performance Outlook:
- AT&T expects adjusted earnings per diluted share of $2.50 or higher in 2022.
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