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AT&T says it 'met or surpassed' 2022 profitability targets, added subscribers

AT&T CEO John Stankey on Wednesday reported that the company "met or surpassed" all its profitability targets while adding subscribers. AT&T said 2022 revenue was $120.7 billion with adjusted operating income of $23.5 billion versus $26.2 billion a year ago. Photo courtesy of AT&T
AT&T CEO John Stankey on Wednesday reported that the company "met or surpassed" all its profitability targets while adding subscribers. AT&T said 2022 revenue was $120.7 billion with adjusted operating income of $23.5 billion versus $26.2 billion a year ago. Photo courtesy of AT&T

Jan. 25 (UPI) -- AT&T on Wednesday reported fourth-quarter and full-year financial results that were higher than Wall Street estimates, sending the company's stock price higher.

The AT&T report showed full-year 2022 revenues of $120.7 billion compared to $134 billion in 2021.

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The company said in a statement that "when adjusting for asset impairments, abandonments, restructuring, and other items, adjusted operating income from continuing operations was $23.5 billion versus $26.2 billion a year ago."

It showed a fourth-quarter loss following a charge of $25 billion tied to landline businesses. The loss was $23.1 billion compared with $5.2 billion in the fourth quarter one year ago.

"We met or surpassed all of our profitability targets for the year all while investing at record levels to bring the benefits of our 5G and fiber technologies to even more people," said AT&T CEO John Stankey in a statement. "As we enter 2023, I'm confident in the trajectory of our business and in our team's ability to deliver profitable and durable growth for our shareholders."

AT&T also reported continued strong subscriber growth in 2022 with nearly 2.9 million "net adds" in postpaid phones and more than 1.2 million AT&T fiber adds, making it the fifth straight year with 1 million or more new AT&T fiber subscribers.

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The company said its 5G spectrum is covering 150 million people, more than twice as high as the original end-of-year target.

Looking ahead, AT&T said it expects continued wireless service growth of 4% or higher in 2023 and broadband growth of 5% or higher. AT&T expects capital investment of about $24 billion in 2023.

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