AT&T revenues jump after surge in streaming sign ups
US telecoms and media giant AT&T beat analysts’ revenue estimates in the final three months of the year on the back of a jump in wireless customers and growth in its streaming platform HBO Max.
Revenues for the group hit $41bn as the firm’s WarnerMedia unit, which houses streaming platforms HBO and HBO Max, saw total revenues rise 15.4 per cent in the fourth quarter to $9.9bn.
The sites added 4.4 million subscribers during the final three months of the year, drawing viewers with releases like “Dune”, “The Matrix” and the newest season of TV show “Succession”.
Like for like revenues fell from $45.7 billion from the fourth quarter a year ago, which bosses said reflected the impact of its divested businesses, mainly U.S. Video in the third quarter and Vrio in the fourth quarter, and lower Business Wireline revenues.
John Stankey, AT&T CEO, said: “A year and a half ago, we began simplifying our business to reposition AT&T for growth and we’re extremely pleased with how we’ve executed on that commitment.
“We ended 2021 the way we started it – by growing our customer relationships, running our operations more effectively and efficiently, and sharpening our focus. Our momentum is strong and we’re confident there is more opportunity to continue to grow our customer base and drive costs from the business. “
The company signed up 884,000 net new phone subscribers who pay a monthly bill in the quarter, in line with its preliminary result of 880,000 released earlier this month.