Shares of communications major AT&T (NYSE:T) are rising higher in the pre-market session today after the company delivered a better-than-expected fourth-quarter bottom line.
While revenue rose marginally by 0.7% year-over-year to $31.3 billion, the figure still fell short of estimates by $70 million.
EPS at $0.61 though came in ahead of expectations by $0.04. During the year, AT&T added 2.9 million net postpaid phone connections and 1.2 million net fiber connections. Additionally, consumer broadband and domestic wireless services witnessed high single-digit growth.
Looking ahead to 2023, the company now expects wireless service sales to grow by 4% or more and broadband sales to grow by 5% or more. Adjusted EPS is seen landing between $2.35 and $2.45.
Overall, Wall Street has a consensus price target of $20.50 on AT&T, implying a 6.99% upside potential, as indicated by the graphic above.
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