According to the latest report, the US telecom operator AT&T today released its second quarter 2022 financial report. According to the financial report, AT&T’s second-quarter revenue was US$29.6 billion, down 17.1% from US$35.7 billion in the same period last year. Profit was US$4.8 billion, compared with US$6.0 billion in the same period last year.
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Second quarter results:
Revenue was $29.6 billion, down 17.1% from $35.7 billion a year earlier and above analysts’ expectations of $29.53 billion. Operating expenses were $24.7 billion, compared to $28.2 billion a year earlier. Operating profit was $5.0 billion, compared to $7.6 billion a year earlier.
Profit from continuing operations was $4.8 billion, compared to $6.0 billion a year earlier. Diluted earnings per share were $0.59; non-GAAP adjusted earnings per diluted share were $0.65, above analysts’ expectations of $0.609.
Cash from operations was $7.7 billion, capital expenditures were $4.9 billion, total capital investments were $6.7 billion, and free cash flow was $1.4 billion.
In the second quarter, AT&T added 813,000 monthly paying mobile phone subscribers, mainly due to the expansion of its 5G network. In contrast, AT&T added 691,000 monthly paying cell phone subscribers in the first quarter.
“Due to higher-than-expected subscriber growth, we have raised our Mobile Services revenue forecast to 4.5% to 5% year-over-year growth in 2022, compared to our previous forecast of around 3%,” said AT&T CEO John Stankey. .”
To compete with Verizon Communications and T-Mobile US for 5G subscribers, AT&T has had to invest more. To that end, AT&T expects a free cash flow of $14 billion this year, down from an earlier forecast of $16 billion.
