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☆ T-Mobile US to Lay Off 5,000 Employees
▼ + stars: | 2023-08-24 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ T-Mobile US to cut 5,000 jobs as cheaper plans weigh on costs
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: +1 min

T-Mobile US said on Thursday it would reduce its workforce by about 7% by cutting 5,000 jobs in the United States as the wireless carrier grapples with rising costs related to adding more subscribers in a competitive market. The carrier has been taking the lion's share of subscribers looking for cheaper plans in the last three quarters through discounted bundles, but that has taken a toll on T-Mobile. The jobs cuts over the next five weeks will target corporate and back-office roles, and some technology jobs, Sievert said, adding that retail and consumer care divisions will not be impacted. The carrier expects to incur a pretax charge of about $450 million in the third quarter. T-Mobile had said in July that it expects wireless subscriber net additions between 5.6 million and 5.9 million.

Persons: Mike Sievert, Sievert Organizations: Mobile Locations: New York, United States

☆ Deutsche Telekom lifts 2023 guidance slightly again
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Deutsche Telekom is pictured at the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2023. REUTERS/Nacho Doce/File PhotoSummaryCompanies Now sees 2023 EBITDA AL of 41.0 bln euros vs 40.9 blnQ2 EBITDA AL 10.04 bln euros vs consensus 10.02 blnQ2 revenues 27.2 bln euros vs consensus 27.3 billionBERLIN, Aug 10 (Reuters) - Deutsche Telekom (DTEGn.DE) slightly lifted its 2023 operating profit target a second time on Thursday, boosted by its U.S. business T-Mobile US (TMUS.O), which raised its outlook for customer growth two weeks ago. Bonn-based parent Telekom said it now expects adjusted earnings before interest, taxes, depreciation and amortization after leases (EBITDA AL) to reach around 41 billion euros ($45.03 billion) this year, compared with previous guidance for about 40.9 billion. The group reported second-quarter EBITDA AL that rose 1.5% year-on-year to 10.04 billion euros, a tad above analyst consensus for 10.02 billion. Revenues slipped by 2.4% to 27.2 billion euros, slightly below consensus for 27.3 billion, as it withdrew from the terminal equipment business in the U.S. following its takeover of rival Sprint in 2020.

Persons: Nacho, Maria Sheahan, Friederike Heine Our Organizations: Deutsche Telekom, Congress, REUTERS, Mobile, Telekom, Sprint, Thomson Locations: Barcelona, Spain, U.S, Bonn

The company's total revenue rose 1.7% to $30.51 billion in the quarter, beating analysts' average estimate of $30.13 billion, according to Refinitiv data. Ad revenue in content and experiences fell 4.9% from the same quarter a year prior, in a weak but stable advertising environment. Paid subscribers increased by two million in the second quarter, to 24 million, from the 22 million it reported in the previous quarter. Theme parks revenue climbed 22.4%, thanks to demand for attractions such as “Super Nintendo World” in Hollywood and Osaka, Japan. Overall, net income attributable to Comcast rose 25.1% to $4.25 billion in the quarter.

Persons: Mario, Peacock, Factset, Helen Coster, Deepa Babington Organizations: YORK, Comcast, Revenue, Nintendo, Competition, Mobile US Inc, Verizon Communications Inc, Thomson Locations: Hollywood, Osaka, Japan

☆ T-Mobile posts highest Q2 subscriber adds in eight years, beating estimates
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - T-Mobile US (TMUS.O) topped Wall Street expectations for quarterly wireless subscriber additions on Thursday, as cost-conscious customers flocked to its cheaper plans and superior 5G services in a highly competitive market. The U.S. wireless carrier said it added 760,000 postpaid phone subscribers - its highest second-quarter additions in eight years. The figure was also higher than additions posted by rivals AT&T and Verizon and beat expectations of 708,800, according to Visible Alpha. Total revenue for the quarter fell 2.6% to $19.20 billion, missing analysts' estimate of $19.31 billion, according to Refinitiv data. By contrast, Verizon reported a churn of 0.83% for monthly phone subscribers, while AT&T's came in at 0.79%.

Persons: Samrhitha, Pooja Desai Organizations: Mobile, Sprint, AT, Verizon, Alpha, T's, Thomson Locations: U.S, Bengaluru

☆ Samsung going in 'right direction' in China market, mobile chief says
▼ + stars: | 2023-07-26 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SEOUL, July 27 (Reuters) - Samsung Electronics' (005930.KS) mobile chief said Samsung is "going in the right direction" in China, the world's largest mobile market, as it seeks to raise its lagging market share by boosting premium offerings and ties with local content firms. Third-party data shows the world's largest smartphone maker is making small gains in its single-digit market share in China, said TM Roh, head of mobile experience at Samsung Electronics. "We are making efforts to reach Chinese consumers with products that fit the China market, through software optimisation that fits the China market, and I think the results are coming out little by little," Roh told reporters this week. But by March, Samsung had recovered a 1.1% market share, according to Counterpoint data. Samsung, the world's largest smartphone maker, announces full second-quarter earnings later on Thursday.

Persons: Samsung, Roh, Joyce Lee, Bernadette Baum Organizations: Samsung Electronics, Samsung, Apple, Thomson Locations: SEOUL, China, India

☆ What we hope to see from 9 Club stocks out with earnings in the week ahead
▼ + stars: | 2023-07-22 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

Looking to next week, earnings season will ramp up — and though we'll get some important economic data, expect the corporate releases and management commentary on the post-game calls to be firmly in the driver's seat. Here are two important things to know for the week ahead. Quarterly earnings : As important as economic releases are, it's earnings that will garner the bulk of investors' attention. For those looking to review first-quarter performance ahead of these releases, keep our first-quarter earnings report card handy. Here's the full rundown of all the important domestic data in the week ahead.

Persons: Dow, we'll, we've, Lawrence Yun, Jerome Powell's, Sartorius, Sartorius preannounced, It's, management's, We'll, Tesla, Ford's, Sherwin, Williams, Archer, Clark, Lam, Edwards Lifesciences, Hewlett, Northrop, Dr Pepper, Davidson, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Economic, National Association of Realtors, Nine, GE Healthcare, Microsoft, YouTube, Linde, LIN, Honeywell, Aerospace, Technologies, Ford, Procter & Gamble, Dynex, HBT, Hope Bancorp, NXP Semiconductors, Cadence Design Systems, Whirlpool, Logitech International, Liberty Global, Verizon Communications, General Motors, General Electric, GE, Spotify, Raytheon Technologies, Daniels, Midland, Albertsons Companies, ACI, Polaris Industries, Inc, Dow Chemical, DOW, Xerox, Texas Instruments, WM, Canadian National Railway Company, Chubb Corporation, Universal Health Services, Powell, Boeing, Hilton, Union Pacific, General Dynamics, Quest Diagnostics, Otis Worldwide, Grill, Lam Research, eBay, EBAY, Mattel, Hewlett Packard, L3Harris Technologies, Gross, Royal Caribbean Cruises, Southwest Airlines, Mastercard, Myers Squibb, Northrop Grumman, Hertz, Tractor Supply Company, HCA Healthcare, Boston, Hershey, Comcast, Harley, Norfolk Southern, Intel, Mobile, United States Steel Corp, KLA Corporation, Boston Beer Company, Nation Entertainment, Texas, Procter, Gamble, Exxon Mobil, Chevron, Charter Communications, AstraZeneca, Colgate, Palmolive, Newell Brands, Sanofi, Dwight, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: U.S, Hollywood, Cleveland, Corning, Kimberly, Bristol, Norfolk

☆ Shutterstock shares pop as company expands partnership with OpenAI
▼ + stars: | 2023-07-11 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Shutterstock chief technology officer James Chou (C) rings the opening bell at the New York Stock Exchange on February 14, 2014 in New York City. Shares of Shutterstock popped 10% Tuesday after the company announced an expanded, six-year partnership with ChatGPT-maker OpenAI. Shutterstock will continue to leverage OpenAI's text-to-image generation and allow customers to use "synthetic editing capabilities" to alter any image in the Shutterstock library. Shutterstock began its strategic partnership with OpenAI in 2021. In October 2022, the company announced it would begin to bring OpenAI's image generation capabilities to its customers.

Persons: James Chou, Shutterstock Organizations: New York Stock Exchange, ChatGPT, Meta, OpenAI Locations: New York City

☆ Rossi sees Reynolds' winning touch boosting Alpine
▼ + stars: | 2023-06-27 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

ENSTONE, England, June 27 (Reuters) - Renault-owned Alpine believe Hollywood actor Ryan Reynolds has the Midas Touch to help get the team back to the top in Formula One. "Most of you were probably expecting Ryan Reynolds," Otro Capital founder and partner Alec Scheiner jokingly told analysts at Alpine's Enstone factory for a strategy presentation. Alpine chief executive Laurent Rossi pointed to Reynolds' track record in business. Rossi said the investors, who have paid 200 million euros ($218.88 million), would develop revenues through merchandising, licensing and hospitality. The deal values Alpine Racing at around $900 million and Rossi said the numbers were only going up.

Persons: Ryan Reynolds, Reynolds, Rob McElhenney, Alec Scheiner, Laurent Rossi, Rossi, Otro, Goldman Sachs, Gerry Cardinale, RedBird, Scheiner, Luca de Meo, Alan Baldwin, Christian Radnedge Organizations: Renault, Formula, Wrexham soccer, Otro Capital, RedBird Capital Partners, Aviation, Mobile US, Ka'ena Corp, Mint Mobile, Diageo, Gin, Wrexham, English Football League, RedBird, Fenway Sports Group, Premier League, Liverpool, Boston Red Sox baseball, Toulouse, Milan, Liberty Media, Thomson Locations: ENSTONE, England, Wrexham, RedBird, Americas, Las Vegas, U.S

☆ US warns of potential 5G delays for airplanes without updated altimeters
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Last year, Verizon VZ.N and AT&T T.N voluntarily agreed to delay some C-Band 5G usage until July as air carriers worked to retrofit airplane altimeters. Delta Air Lines (DAL.N) said Friday its supplier told the airline it would not have enough radio altimeters for Delta’s entire fleet by July 1. Approximately 190 Delta narrowbody aircraft are not yet equipped with updated radio altimeters including all A220s, most A319s and A320s, and some A321s. All Delta widebody aircraft will be equipped with updated radio altimeters prior to July 1, the airline said. Reuters first reported in March that major U.S. wireless carriers agreed to some voluntary actions to address aviation safety concerns.

Persons: Robert Bryan, Read, Pete Buttigieg, Buttigieg, T.N, David Shepardson, Chizu Organizations: Eagle Aviation, Columbia Metro, . Transportation, Airlines for, Verizon, Carriers, Air Lines, Delta, Reuters, Mobile, Federal Aviation Administration, FAA, Thomson Locations: West Columbia, South Carolina, U.S, WASHINGTON, Airlines for America

☆ Gmail is using AI to make searching for emails and attachments on your phone faster and easier
▼ + stars: | 2023-06-03 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +2 min

The company said Friday it will be introduced to all mobile users in the coming weeks. Searches in Gmail are set to become more accurate as Google rolls out a new AI-related feature for smartphone users. Alphabet said in a Friday blog post that mobile Gmail users will soon see a "top results" section when searching for old messages or attachments in their Gmail app. In its blog post Google said the feature was "highly requested", and said it will be rolling out to all Gmail mobile users over the next two weeks. The post only mentions the mobile version of Gmail, so it's unclear whether the "top results" feature will be added to the browser-based version.

Persons: Bard Organizations: Google, Morning, Gmail

"While it appears to be a hot number on the actual number of people employed, the wage rate is not increasing as fast," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. The data brought relief to investors who mostly expect the Fed to pause hiking rates at its policy meeting on June 13-14. But some pointed to the much hotter-than-expected jobs data as a sign the Fed still has not yet tamed inflation. All 11 S&P 500 sectors advanced, with the materials index (.SPLRCM) leading, up 3.4%, and the consumer discretionary sector (.SPLRCD), housing Amazon, close behind, rising 2.2%. The S&P 500 posted 15 new 52-week highs and two new lows; the Nasdaq Composite recorded 74 new highs and 40 new lows.

Persons: Kim Forrest, Phil Orlando, Nobody’s, Michael Landsberg, Herbert Lash, Shreyashi Sanyal, Shristi, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Nvidia, Reserve, Labor Department, Bokeh Capital Partners, Fed, Federal Reserve, Federated Hermes, Reuters Graphics Reuters, Dow Jones, Nasdaq, Dow, Verizon Communications Inc, T Inc, Mobile US Inc, Inc, U.S, Verizon, Mobile, Nvidia Corp, Landsberg Bennett, Wealth Management, NYSE, Thomson Locations: Washington, Pittsburgh, New York, Punta Gorda , Florida, Bengaluru

☆ Amazon in talks to offer low-cost mobile services - Bloomberg News
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Amazon.com Inc (AMZN.O) is in talks with several telecom providers to offer low-cost or possibly free mobile phone service to U.S. Prime subscribers, Bloomberg News reported on Friday, citing people familiar with the matter. Talks between Amazon and Dish were reported last week. The reported talks come as Amazon faces a slowdown in new sign-ups for the Prime service, its key loyalty program that offers subscribers faster shipping and video streaming. For telecom companies, a resell partnership with Amazon could serve as a means to attract new users and boost revenue. The details of the potential deals between Amazon and the telecom firms were not immediately known.

Persons: Tanya Jain, Akash Sriram, Yuvraj Malik, Nivedita Bhattacharjee Organizations: Amazon.com Inc, Bloomberg, Verizon Communications, Mobile US Inc, Dish Network Corp, Amazon, T Inc, Verizon, Mobile, Dish Network, Thomson Locations: Bengaluru

☆ US telecom stocks fall on report Amazon in talks for wireless services
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Bloomberg News reported that Amazon was negotiating to get the lowest possible wholesale prices and could offer wireless plans for $10 a month or lower to Prime members through these partnerships. AT&T declined to comment, while T-Mobile said it was not in discussions with Amazon for inclusion of its wireless in Prime service. The details of the potential deals between Amazon and the wireless carriers were not immediately known. Dish's shares were an outlier in telecom stocks with a gain of 22%. The company's shares had also soared in May after a Wall Street Journal report that it was in talks to sell its wireless plans through Amazon.

Persons: Christopher Ali, Brandon Nispel, Yuvraj Malik, Tanya Jain, Akash Sriram, Aditya Soni, Sheila Dang, Nivedita Bhattacharjee Organizations: Verizon Communications Inc, Mobile US Inc, Inc, U.S, Bloomberg News, Amazon, Penn State University, Verizon, Mobile, KeyBanc, Markets, Dish Network Corp, Journal, Thomson Locations: Amazon, Bengaluru, Dallas

That's exactly what the Fed would like to see," said Art Hogan, chief market strategist at B Riley Wealth in New York. The data brought relief to investors who now expect the Fed to skip an interest rate hike this month for the first time since starting its aggressive policy tightening more than a year ago. Fed funds futures trading showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. The S&P 500 communication services index (.SPLRCL), housing telecoms, fell 0.5% while the S&P 500 consumer discretionary sector (.SPLRCD), housing Amazon, soared 1.6%. The S&P 500 industrials sector (.SPLRCI) rose 1.4%, while Dow heavyweight Caterpillar (CAT.N) gained 3.7%.

Persons: Hogan, they're, FEDWATCH, Shreyashi Sanyal, Shristi, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Dow, Nasdaq, Federal Reserve, Labor, Riley, FEDWATCH Reuters Graphics Reuters, Dow Jones, Amazon.com Inc, Telecom, Verizon Communications, Mobile US Inc, Dish Network Corp, Caterpillar, NYSE, Thomson Locations: New York, United States, China, Bengaluru

☆ Amazon in talks with Verizon, others for low-cost mobile services -Bloomberg News
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Amazon.com Inc (AMZN.O) is in talks with wireless carriers Verizon Communications (VZ.N), T-Mobile US Inc (TMUS.O) and Dish Network Corp (DISH.O) to offer low cost mobile services in the U.S., Bloomberg News reported on Friday. Bloomberg News also said Amazon has been negotiating to get the lowest possible wholesale prices that would let it offer Prime members wireless plans for $10 a month or possibly for free. Shares of Verizon, T-Mobile and AT&T were down about 6% in premarket trading on Friday. Shares of Dish Network, whose talks with Amazon were earlier reported in the media, were up 9%. Reporting by Tanya Jain, Akash Sriram and Yuvraj Malik in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Tanya Jain, Akash Sriram, Yuvraj Malik, Nivedita Organizations: Amazon.com Inc, Verizon Communications, Mobile US Inc, Dish Network Corp, Bloomberg, T Inc, Verizon, Mobile, Dish Network, Amazon, Thomson Locations: U.S, Bengaluru

☆ VMware employees are increasingly concerned over Broadcom's pending $61 billion acquisition, predicting spinouts of business units, layoffs, and lost customers
▼ + stars: | 2023-05-26 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +14 min

Broadcom and VMware announced the $61 billion deal last year and recently pushed back the deadline as it undergoes regulatory scrutiny. Insider spoke with one former and four current VMware employees about the changes they expect to face once they are owned by the chipmaker Broadcom. A VMware spokesperson said in a statement that after the deal closes, VMware customers will obtain "more choice and flexibility" in managing their IT needs, especially across multiple cloud-computing services. Executives leaving VMwareVMware has lost several key executives since the Broadcom deal was announced (including several defecting to VMware's archrival Nutanix). "Nonetheless, I've continued to see questions in press reports about whether we intend to raise prices on VMware products.

Persons: —, Sanjay Poonen, Patrick Morley, haven't, Robert Ruelas, EUC, Kit Colbert, hasn't, Zane Rowe, Tom Gillis, Mark Lohmeyer, Ajay Patel, Kal, Karen Egan, Tom Kellermann, Raghu Raghuram, Hock Tan, Colbert, Tan, Hock E, Lucas Jackson, I've Organizations: VMware, Employees, Broadcom, SEC, Carbon, Symantec, Workers, Tech, VMware hasn't, VMware Employees, VMware VMware, Nutanix, Raghuram, Reuters

☆ UK mobile users spending millions on smartphones they've already paid for, Virgin Media O2 says
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

But some customers fail to switch contracts after the handset has been paid off, despite being notified by their network. The operator said its survey showed 93% of customers were unaware they could be charged for handsets they'd paid off, with older and lower-income consumers most impacted. Rivals BT's EE, Vodafone and Three said they offered split contracts and provided clear information. "Like VMO2 we offer split contracts with EE Flexpay, while providing all customers with clear end-of-contract notifications, including the best offer for them based on their usage," a BT Consumer spokesperson said. A Three spokesperson said the company already offered split contracts where customers can take out a loan to pay for their device, which is separate to their monthly airtime payments.

☆ U.S. will not extend July 1 5G airplane retrofit deadline
▼ + stars: | 2023-05-02 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Sam WolfeWASHINGTON, May 2 (Reuters) - U.S. Transportation Secretary Pete Buttigieg told airlines on Tuesday the Biden administration does not plan to extend a July 1 deadline for airlines to retrofit airplane altimeters to address potential interference, the department confirmed. Buttigieg told airlines on a call the department does not plan to extend the deadline and urged them to work aggressively to continue retrofitting airplanes. Last year, Verizon (VZ.N) and AT&T (T.N) voluntarily agreed to delay some C-Band 5G usage until July 1 as air carriers worked to retrofit airplane altimeters. Separately, the FAA on Tuesday proposed seven airworthiness directives (ADs) for many Boeing (BA.N) aircraft due to the potential for 5G C-band interference. They require revising aircraft flight manuals by June 30 to prohibit some landings and include specific operating procedures for calculating landing distances and certain approaches when in the presence of 5G C-band interference.

☆ Stocks making the biggest moves midday: First Republic, Snap, Amazon, Intel and more
▼ + stars: | 2023-04-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Snap — The Snapchat parent company cratered about 18% after missing revenue expectations for the recent quarter. Intel — Intel shares rose more than 4% even after the company reported its largest quarterly loss on record and a 133% reduction year over year. Colgate-Palmolive — The consumer giant saw its stock rally 4% after the company reported quarterly earnings and revenue that topped expectations. The company reported 98 cents in earnings per share, above the 89 cents expected by analysts polled by Refinitiv. Newell Brands — Shares gained 2% even after the consumer goods company reported a wider-than-expected loss.

☆ T-Mobile misses estimates for quarterly revenue, wireless subscriber additions
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Wireless carrier T-Mobile US Inc (TMUS.O) missed Wall Street estimates for first-quarter revenue and monthly bill-paying phone subscriber additions on Thursday, weighed down by intense competition and consumers postponing upgrades to their plans. T-Mobile added 538,000 monthly bill-paying phone subscribers in the quarter, compared to analysts' expectation of 547,800 net additions, according to FactSet. T-Mobile, however, raised its full-year forecast for wireless subscriber growth. It now expects wireless subscriber net additions between 5.3 million and 5.7 million, compared with its earlier forecast of 5.0 million to 5.5 million in the year through December. Analysts and investors generally watch wireless subscriber phone figures closely as those customers pay a recurring monthly bill, making them valuable to the carriers.

The company's total revenue fell 4.3% to $29.69 billion in the quarter, but beat analysts' average estimate of $29.30 billion, according to Refinitiv data. However, adjusted losses from the ad-reliant platform widened to $704 million from $456 million a year-ago as Comcast continues to invest heavily in content. Theme parks revenue climbed nearly 25%, thanks to a rebound in attendance at its parks overseas and the lifting of COVID curbs in China. Comcast gained 5,000 broadband customers in the March quarter, while Factset had estimated a loss of 20,000 users. Overall, net income attributable to Comcast rose 8% to $3.83 billion in the quarter.

☆ SpaceX, Rogers to connect mobiles phones to satellites in remote Canadian areas
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Rogers Communications (RCIb.TO) and Elon Musk's SpaceX plan to connect mobile phones to satellite-based services aiming to expand coverage to remote areas in Canada, the companies said on Wednesday. The service, which will be delivered via the space company's Starlink satellite network, will cover 4G and 5G phones starting with SMS text and will eventually expand to voice and data service in Canadian areas without networks. "In the future, these investments will deliver wireless connectivity, including access to 911, to even the most remote areas," said Rogers CEO Tony Staffieri. T-Mobile US (TMUS.O) and SpaceX announced a similar partnership in the United States last year. Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ AT&T's dismal cash flow sparks selloff in telecoms sector
▼ + stars: | 2023-04-20 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

April 20 (Reuters) - U.S. wireless carrier AT&T Inc (T.N) missed market estimates for first-quarter revenue and free cash flow, underscoring the toll from strained consumer wallets and sparking a selloff in the telecoms sector on Thursday. In the first three months of the year, AT&T added 424,000 postpaid phone subscribers, almost in line with a Factset estimate of 422,800 additions. The metric is closely watched by Wall Street as postpaid customers pay a recurring monthly bill, making them valuable to the carriers. "It was not all bad news, and some aspects of AT&T's operations came in above estimates, but it is the free cash flow figure that seems to have caused all the damage, given that it points to likely lower dividend payouts going forward," said Stuart Cole, head macro economist at Equiti Capital. AT&T's free cash flow came in at $1 billion, compared with the $2.61 billion estimated by 18 analysts polled by Visible Alpha.

☆ AT&T misses quarterly revenue estimates; shares down
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Still, AT&T added 424,000 postpaid phone subscribers in the latest quarter, above Factset estimate of 422,800 additions. Analysts and investors generally watch postpaid phone figures closely as those customers pay a recurring monthly bill, making them valuable to the carriers. Total revenue for the first quarter rose 1.4% to $30.1 billion, compared with $29.7 billion a year earlier. AT&T said the growth was also driven by higher revenue in broadband services, partly offseting lower equipment sales. Income from continuing operations was $4.5 billion, or 57 cents per share, in the quarter, compared with $5.1 billion, or 65 cents per share, a year earlier.

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