Tue, Oct 29, 8:26 PM (65 days ago)
AT&T Inc. (T) reported a challenging third quarter for 2024, with total operating revenues of $30,213, down 0.5% year-over-year. The Communications segment, which includes Mobility, Business Wireline, and Consumer Wireline, saw a slight revenue decline of 0.6%. Notably, operating income plummeted 63.4% to $2,116, impacted significantly by a $4,422 noncash goodwill impairment charge from the Business Wireline unit due to declining legacy service demand. Despite a 1.7% increase in Mobility service revenues, equipment sales fell, affecting overall performance. The company's net income was $145, a dramatic 96.2% decrease compared to the previous year, leading to a loss attributable to common stock of $226. Cash flow from operations remained stable at $26,875, while cash used in investing activities totaled $12,127, primarily for capital expenditures. The company ended the quarter with $2,586 in cash and cash equivalents, down from $6,722 at year-end 2023. Looking ahead, AT&T continues to face uncertainties from regulatory changes and competitive pressures but is focused on optimizing its capital structure and operational efficiency.