Telecom giant AT&T, led by John Stankey, posts its first results since the close of the mega-deal that created Warner Bros. Discovery.
Global HBO Max and HBO subscribers comprise domestic and international customers, excluding free trials, basic and Cinemax subscribers, AT&T noted. Meanwhile, “domestic HBO Max and HBO subscribers consist of U.S. accounts with access to HBO Max and HBO accounts, and exclude free trials and Cinemax subscribers.”
When excluding WarnerMedia and advertising technology business Xandr, which the company late last year agreed to sell to Microsoft, from both quarters, standalone AT&T revenue grew 2.5 percent to $29.7 billion, while operating income was unchanged at $5.8 billion. Some on Wall Street have turned more bullish on the telecom-focused AT&T. J.P. Morgan analyst Philip Cusick on April 11 upgraded the stock from “neutral” to “overweight” with a $22 price target. “A more communications-focused company, AT&T now looks more like Verizon Communications than it has in years after shedding the distractions and revenue drag of a declining satellite video business and the capital obligations of the Warner/HBO media businesses,” he explained.
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