Stock Market Today, April 22: AT&T Edges Upwards on Mixed Earnings

AT&T (NYSE:T), a telecommunications and technology services provider, closed Wednesday at $25.98, up 0.39%. The stock has fallen 8.23% in the past month, and today’s Q1 results went some way to turning the tide. It beat expectations on revenue and earnings,  but its wireless revenue fell short.

Trading volume reached 59.7 million shares, about 34% above its three-month average of 44.6 million shares. AT&T IPO’d in 1983 and has grown 577% since going public.

S&P 500 (SNPINDEX:^GSPC) gained 1.05% to finish Wednesday at 7,138, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 1.64% to close at 24,658. Within telecommunications, industry peers Verizon Communications (NYSE:VZ) closed down 0.63% at $45.98, and T-Mobile US (NASDAQ:TMUS) fell 3.31% to finish at $188.92 as investors weighed wireless pricing and competitive dynamics.

AT&T shares dipped this morning despite announcing Q1 results that beat estimates on earnings per share (EPS) and revenue. Its adjusted EPS of $0.57 and revenue of $31.5 billion both increased year over year, and came in above analyst forecasts of $0.55 and $31.25 billion, respectively.

The stock pared its losses before the bell, but its muted gains today reflect investor caution after AT&T missed on other metrics. Bloomberg points to disappointing wireless service revenue and flat revenue per user. For AT&T investors, the question is whether its integration of 5G, fiber-optic, and wireless networks, including its Lumen acquisition, will help it attract more customers and increase revenue, particularly amid a broader backdrop of reduced consumer confidence.

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