AT&T Drops 8% As Q2 Earnings Fall Shy Of Estimates

Shares of AT&T Inc. (T) are down more than 8% in the morning trade on Thursday after reporting lower-than-expected second-quarter earnings.

Income from continuing operations in the second quarter declined 20.4% to $4.75 billion or $0.59 per share from $5.97 billion or $0.76 per share a year ago.

On average, 21 analysts polled by Thomson Reuters expected earnings of $0.61 per share for the quarter.

Operating revenues declined 17.1 percent to $29.64 billion from $35.74 billion last year. The consensus estimate was for $29.55 billion.

AT&T shares, currently at $18.77, has traded in the range of $16.85-$21.85 in the last 1 year.

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