Shares of telecom giant AT (NYSE: T) fell 13.4% in the first half of 2023, according to data from S&P Global Market Intelligence. Over the same time span, the S 500 market index gained 15.9%. In other words, Ma Bell missed out on a tremendous bull run in the first half of this year.

The driving force behind AT's disappointing first half sticks out like a sore thumb. The company reported first-quarter earnings in the middle of April, and the results left investors uninspired. The stock chart had largely followed the broader market trends, but AT&T shareholders took a 10.4% haircut that day and the stock has been trending lower ever since:

The usual headline numbers were largely in line with management's guidance and analyst projections. However, free cash flow landed at $1 billion, down from $2.8 billion in the year-ago period.

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Source Fool.com