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AT&T Misses on Q2 Revenue Despite Adding More TV Subscribers

July 21, 2016, 8:24 PM UTC
Randall Stephenson, Chairman and CEO of AT&T and chairman of the Business Roundtable, speaks at the Economic Club of Washington in Washington on June 17, 2014. AFP PHOTO / Saul LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
Photograph by Saul Loeb — AFP/Getty Images

AT&T reported a 22.7% increase in quarterly operating revenue as it added television subscribers, helped by its acquisition of DirecTV.

The company’s adjusted profit, however, was in line with the average analyst estimate.

AT&T (T) said it added 342,000 satellite TV subscribers in the second quarter, compared with the average analyst estimate of 285,000, according to FactSet StreetAccount.

The company is looking at other sources of revenue to boost its business and increase its customer base in an oversaturated U.S. wireless market.

It acquired DirecTV last July and became the country’s largest pay-TV company, leapfrogging Comcast (CMCSA).

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Excluding items, the company earned 72 cents per share—in line with the average analyst estimate, according to Thomson Reuters.

The net income attributable to AT&T rose to $3.41 billion in the second quarter ended June 30, from $3.08 billion, a year earlier. On a per share basis, it fell to 55 cents from 59 cents.

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Total operating revenue rose to $40.52 billion from $33.02 billion.