Telecom giant AT&T, Inc. reported Thursday that its first-quarter profit declined from last year, yet topped market estimates. Revenues were higher, but missed the Street forecast. The company further said it is on track to achieve $6 billion-plus run-rate cost savings target before the end of the year. In pre-market activity on the NYSE, the shares were losing around 4.7 percent.
John Stankey, AT&T CEO, said, "The work we're doing today is establishing a foundation for durable, long-term growth, and we remain confident in our full-year guidance."
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