AT&T (NYSE:T) reported a net income of $2.13 billion in the fourth quarter of 2023, reversing a loss of $23.5 billion a year ago. Revenues totaled $32 billion between October and December, a growth of 2.2% over the same period in 2022.
In the last three months of 2023, AT&T reported an adjusted earnings per share from continuing operations of $0.54, compared to $0.61 in the previous year, and free cash flow of $6.4 billion on revenues that increased 2.2% to $32 billion.
Driven by the growth of 5G and fiber, the telecommunications operator thus claims an annual performance above its targets for 2023, with free cash flow of up to $16.8 billion and a 4.4% increase in mobility service revenues.
For the next year, AT&T forecasts adjusted earnings per share of $2.15 to $2.25, free cash flow in the range of $17 to $18 billion, and growth in adjusted EBITDA and wireless revenues of about 3%.
“We had consistent business performance and delivered sustainable growth, two of the things we promised we would do in 2023,” says John Stankey, CEO of AT&T, in a statement.
AT&T’s mobile services revenues reached $16 billion in the fourth quarter, a 3.9% increase year-over-year. The company added 759,000 new customers in postpaid plans.
In broadband, service revenues rose 8.3%, and there was a net addition of 19,000 new customers. The number of customers with fiber optic internet had an addition of 273,000 in the period.
The American telecommunications company recorded a profit of $14.1 billion in 2023, reversing a loss of $8.72 billion in 2022. Revenues reached $122.4 billion between January and December, an increase of 1.4%.
For 2024, AT&T projects that its mobile service revenues will grow around 3% and broadband revenues will increase by 7%. Adjusted earnings per share this year are expected to be between $2.15 and $2.25, up 3.9% year-over-year. The company added 759,000 new customers in postpaid plans. In broadband, service revenues rose 8.3%, and there was a net addition of 19,000 new customers. The number of customers with fiber optic internet had an addition of 273,000 in the period.