AT&T Inc. (T) on Wednesday reported third-quarter net income of $4.72 billion.
The Dallas-based company said it had profit of 65 cents per share. Earnings, adjusted for one-time gains and costs, came to 90 cents per share.
The results fell short of Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The telecommunications company posted revenue of $45.74 billion in the period, exceeding Street forecasts. Thirteen analysts surveyed by Zacks expected $45.63 billion.
AT&T shares have declined 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 2.5 percent. The stock has fallen slightly more than 6 percent in the last 12 months.
