AT&T: profit falls on COVID, programming costs
(CercleFinance.com) - AT&T's third-quarter profit fell by 24% as some of the telecommunications giant's expenses jumped, due to higher programming costs, rising investments, and incremental COVID-19 costs.
AT&T's net income fell to 2.8 billion dollars, or 39 cents per share, from 3.7 billion dollars, or 50 cents per share, a year ago.
Consolidated revenue fell to 42.3 billion dollars, from 44.6 billion dollars in the third quarter 2019.
AT&T said the COVID-19 pandemic impacted revenues across all businesses, particularly domestic wireless service revenues, primarily from lower international roaming.
The pandemic also affected revenue from film releases, the operator said.
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