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2023-01-25 11:34:32

AT&T forecasts annual profit below estimates

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Channel NewsAsia
By Cna

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AT&T Inc forecast annual profit below Wall Street expectations on Wednesday, joining rival Verizon in bracing for a slowdown in wireless customer growth amid rising competition.

Signs of an economic recession are prompting U.S. companies to streamline their operations and issue cautious forecasts as they anticipate a drop in demand from customers cutting back on spending.

AT&T said it was expecting earnings for 2023 in the range of $2.35 and $2.45 per share, compared with analysts' estimates of $2.56 per share, according to Refinitiv data.

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