AT&T filing: Natural disasters hitting earnings; DirecTV Now at 300K adds

AT&T filing: Natural disasters hitting earnings; DirecTV Now at 300K adds

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The prepaid subscriber base will be adjusted by an increase of 543,000 connections with a corresponding decline in the connected device subscriber base to reflect subscriber activity prior to the third quarter. And, oh, by the way, they added: 90,000 video subscribers disappeared in the period for reasons having nothing to do with natural disasters. "Damage to our network and other property, costs to restore services, and revenue declines from waived charges will decrease our reported third-quarter 2017 consolidated revenues almost $90 million and our reported pre-tax earnings about $210 million, or $0.02 per diluted share".

AT&T Inc. said Wednesday that recent hurricanes to hit the USA and Caribbean and earthquakes in Mexico would reduce third-quarter earnings per share by 2 cents and revenue by almost $90 million.

AT&T has filed an financial update for its third quarter with the SEC, saying it expects a decline in video subscribers and subsequent effect on Entertainment Group revenues and margins.

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Despite that, it left its full-year guidance unchanged.

Shares fell a bit less than 1% on average volume to close at $38.19, in the middle of its 52-week range. AT&T anticipates it will add 300,000 new customers to that service during the third quarter, which cuts video net losses to 90,000.

AT&T attributed the lower total video adds to more intense competition in the traditional pay-TV markets and OTT services, severe storms that hit the country, and tighter credit standards.

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