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AT&T Stock Up 6% Despite $1.6 Billion COVID-19 Impact at WarnerMedia

Despite WarnerMedia taking a $1.6 billion hit due to the coronavirus pandemic, investors weren’t scared away from AT&T. The company’s stock has been up in the hours since the telecom giant released its third-quarter earnings Thursday morning. AT&T is currently trading at $28.28 per share (as of 2 p.m. ET) on the New York Stock Exchange, a nearly 6% increase from where it opened. It got as high as $28.48 earlier in the day. The $1.6 billion revenue hit taken by WarnerMedia in the third quarter was roughly twice as high as the overall impact on AT&T from the pandemic during the second quarter ($830 million). For the quarter ending in September, AT&T said the pandemic dragged its earnings by $1.72 billion, plus an additional $190 million in costs. Adding those up, that’s $1.91 billion financial impact that AT&T is attributing to COVID-19. Also Read: AT&T Q3 Earnings: HBO Max Hits 38 Million US Subs, Warner Bros Revenue Falls 28% During the company’s earnings call with investors, AT&T CEO John Stankey didn’t sound like he was expecting much relief in the next few quarters, particularly from the box office for Warner Bros. films. “We’re expecting this to be incredibly choppy moving...

Read original story AT&T Stock Up 6% Despite $1.6 Billion COVID-19 Impact at WarnerMedia At TheWrap