AT&T takes pandemic hit, but surpasses revenue expectations

AT&T Inc on Thursday reported the coronavirus pandemic had taken a heavy toll on its media business, but quarterly results were offset by more new phone subscribers than expected, which executives credited to the improved quality of its wireless network.

That helped AT&T beat revenue expectations. Total revenue was $42.3 billion during the third quarter ended Sept. 30, exceeding the average analyst expectation of $41.59 billion, according to IBES data from Refinitiv.

Shares of AT&T surged 5% to $28.11 in morning trading.