AT&T Inc. (T) shares soared around 5% in pre-market trading on Monday after the telecom giant reported better-than-expected fourth quarter earnings, fueled by robust growth in its 5G wireless and fiber broadband subscriber base.
For the quarter ended December 2024, AT&T posted adjusted earnings per share of $0.54, beating Wall Street's consensus estimate of $0.50. Revenue rose 0.9% year-over-year to $32.3 billion, topping analysts' expectations of $32.04 billion.
The strong results were driven by AT&T's ability to attract new customers with its bundled 5G wireless and high-speed fiber internet offerings. The company added 482,000 net new postpaid phone subscribers during the quarter, surpassing estimates of 424,550 additions. Its fiber broadband business also had a stellar performance, adding 307,000 new customers which marked its best fourth quarter for fiber net additions.
"Customers and shareholders can look forward to receiving even more value in 2025 as we expand the country's largest fiber network, modernize our wireless network, grow our business and begin share repurchases in the second half of the year," said CEO John Stankey.
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