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AT&T: cost cutting, wireless service lift first-quart profit

( - AT&T reported higher first-quarter profit on Wednesday as the company managed to cut costs while growing its domestic wireless service revenues.

The US wireless carrier said first-quarter net profit reached 4.6 billion dollars, or 0.63 dollar per share, from 4.1 billion dollars, or 0.56 dollar per share, in the first quarter of 2019.

However, AT&T's revenues over the quarter fell to 42.8 billion dollars versus 44.8 billion dollars a year ago, due to declines in revenues from WarnerMedia, domestic video and legacy wireline services.

Operating expenses were 35.3 billion dollars versus 37.6 billion dollars a year ago, down 6.1%, the operator added.

Citing the lack of visibility due to the COVID-19 pandemic, AT&T has withdrawn its financial guidance.

Note that HBO Max - the company's highly anticipated streaming platform - will be officially launched on 27 May.

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