The COVID-19 crisis hurt earnings by 5 cents a share in the first quarter and knocked $600 million off revenue due to lower ad sales.
The COVID-19 crisis hurt earnings by 5 cents a share in the first quarter and knocked $600 million off revenue due to lower ad sales from canceled sports events like the NCAA men’s basketball tournament.
But the U.S. stay-at-home orders, which started in mid-March, did help improve some of AT&T’s slumping consumer businesses.Homebound customers craving videoconferencing and cellular connections helped boost broadband and wireless numbers. AT&T added a total of 27,000 regular monthly wireless subscribers, exceeding analysts’ prediction for a loss of 132,000.
AT&T’s efforts to transform itself into a modern media powerhouse hinge on the $15-a-month HBO Max streaming platform, which the phone giantThe service is a late and expensive entry in the crowded online-video arena, following product debuts by Walt Disney Co. and Comcast Corp. AT&T Chief Executive Randall Stephenson has said HBO Max will have 50 million subscribers in five years.
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