DALLAS (AP) _ AT&T Inc. (T) on Wednesday reported first-quarter profit of $4.61 billion.
On a per-share basis, the Dallas-based company said it had net income of 63 cents. Earnings, adjusted for one-time gains and costs, came to 84 cents per share.
The results met Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was also for earnings of 84 cents per share.
The telecommunications company posted revenue of $42.78 billion in the period, which did not meet Street forecasts. Sixteen analysts surveyed by Zacks expected $44.21 billion.
AT&T shares have fallen 24% since the beginning of the year, while the Standard & Poor’s 500 index has fallen 15%. The stock has declined 7% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on T at https://www.zacks.com/ap/T
The Associated Press