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AT&T shares fall 10% after company posts softer than expected revenue, cash flow



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An attendee makes a phone call by the AT&T Inc. stand on day two of the Mobile World Congress at the Fira de Barcelona venue in Barcelona, Spain, on Tuesday, Feb. 28, 2023.Angel Garcia | Bloomberg | Getty ImagesAT&T shares fell Thursday after the telecommunications giant reported first-quarter results that saw subscriber growth but a miss on revenue.The company added 424,000 postpaid phone plans, which represents the amount of businesses and individual consumers that pay their bills at the end of each month. That matched Wall Street expectations but it marked a dip compared to AT&T’s previous numbers, especially earlier in the pandemic. In the year earlier period, AT&T added 691,000 postpaid phone subscribers. Investors look to postpaid phone numbers to measure the overall well-being of wireless companies’ profit centers. The early pandemic put an increased focus on the importance of a reliable cell connection, and analysts have been looking for slowdown indicators. During the company’s previous earnings call, AT&T executives said they expect wireless industry growth to return to “normalized” levels this year. Here’s how AT&T performed in the first quarter compared with what Wall Street anticipated, based …

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