AT&T reported strong second-quarter results for 2024, showcasing progress in its 5G and fiber initiatives. The company highlighted durable and profitable customer growth in both sectors, with increasing revenues from Mobility services and broadband. Despite a slight decrease in overall revenues compared to the previous year, AT&T maintained its full-year financial guidance, demonstrating confidence in its ongoing strategies.
In Q2, AT&T achieved revenues of $29.8 billion, with diluted earnings per share (EPS) of $0.49 and adjusted EPS of $0.57. Operating income was reported at $5.8 billion, with adjusted operating income reaching $6.3 billion. Net income stood at $3.9 billion, while adjusted EBITDA was $11.3 billion. Capital expenditures were $4.4 billion, contributing to a free cash flow of $4.6 billion, which marked an increase from the previous year. These financial outcomes reflect AT&T’s solid performance and strategic investments in 5G and fiber infrastructure.
Key Points:
• Revenues: $29.8 billion for Q2 2024.
• EPS: $0.49 (diluted); $0.57 (adjusted).
• Operating Income: $5.8 billion; $6.3 billion (adjusted).
• Net Income: $3.9 billion.
• Adjusted EBITDA: $11.3 billion.
• Cash from Operating Activities: $9.1 billion.
• Capital Expenditures: $4.4 billion compared to $4.3 billion for Q2 last year
• Free Cash Flow: $4.6 billion.
• Fiber Growth: 239,000 net adds, continuing 18 consecutive quarters of over 200,000 net adds.
• Mobility Service Revenues: Increased by 3.4% year over year to $16.3 billion.
• Consumer Broadband Revenues: Grew by 7% year over year to $2.7 billion.
AT&T’s CEO, John Stankey, emphasized the company’s investment-led strategy, positioning AT&T as a leader in converged connectivity. With nearly four out of every ten AT&T Fiber households also subscribing to AT&T wireless services, the company aims to deepen customer relationships and expand its subscriber base. Looking forward, AT&T reaffirms its guidance for 2024, anticipating continued growth in wireless service revenue, broadband revenue, and adjusted EBITDA.
