Why AT&T Stock Was Surging Sharply Higher Today
Shares of AT&T (NYSE: T) were up 8% as of 12:33 p.m. ET on Thursday after the company reported strong earnings results for the third quarter. The stock has outperformed the broader market this year, down only 9.5% year to date, thanks to relatively stable revenue from wireless subscribers.
The company posted revenue of $30 billion, higher than the consensus analyst estimate that called for $29.87 billion. Adjusted earnings per share of $0.68 also beat estimates of $0.61.
Its ability to convert consistent top-line performance into solid gains on the bottom line could change the market sentiment around this telecom stock, which saw its share price plunge heading into the report.
Source Fool.com
