AT&T CFO John Stephens said pressure from heavy HBOMax investment not only dented its fourth-quarter financials but will keep doing so for the first half of 2020
As AT&T plans"heavy" investment for its new streaming effort, revenue forecasts dim as its pay TV businesses"bleed market share."
But Jan. 29, he disclosed that between DirecTV and U-verse, the telecom had 19.5 million video customers, 15 percent fewer than a year earlier, while AT&T net income slid 25 percent to $13.9 billion in 2019 on operating revenue that dipped 2 percent to $45.1 billion. Revenue and operating income also declined at WarnerMedia.
AT&T said it shed 20,420 employees year-over-year, but the layoffs apparently haven't saved much money yet amid spending on HBO Max, the streamer it plans to launch in May. CFO John Stephens said pressure from heavy HBO Max investment not only dented its fourth-quarter financials but will keep doing so for the first half of 2020.
AT&T counters that it met or exceeded all of its 2019 commitments, including record free cash flow for the year. "Our three-year financial outlook and capital allocation plan position us well for the future," Stephenson said Jan. 29.
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