AT&T (NYSE:T) stock rose 4% on Thursday after the company reported better-than-expected figures for the third quarter.
An adjusted EPS of $0.64 exceeded analysts' estimates by $0.02 while revenue of $30.35 billion slightly topped the consensus estimate of $30.2B.
Furthermore, AT&T reported that cash from operating activities for continuing operations in Q3 2023 was $10.3B, which reflects a $0.2B increase compared to the same period in 2022. This increase is attributed to operational growth and timing of working capital, offset in part by lower receivable sales.
More importantly, the third quarter’s free cash flow came in at $5.2B, higher than the expected $4.6B.
AT&T shares were down 22% year-to-date through Wednesday’s close.