Mubasher: AT&T on Monday reported its earnings for the third quarter of this year, beating expectations.

Net income attributable to AT&T came in at $3.7 billion in Q3-19, or $0.50 in diluted earnings per share (EPS), compared with $4.7 billion in Q3-18.

“Adjusting for $0.44, which includes a non-cash actuarial loss on benefit plans, merger amortisation costs, merger-and integration-related expenses and other items,” EPS were $0.94, from $0.90 a year ago, the conglomerate said.

The US telecom and media giant generated $44.6 billion in the three months ended last September, 2.5% lower than $45.7 billion a year ago.

Meanwhile, analysts surveyed by Investing.com expected EPS of $0.93 on revenue of $45.11 billion

AT&T total subscriptions for its pay-TV, mainly the DirectTV satellite division, dropped by around 1.2 million in the third quarter to 20.4 million, while its internet-delivered service AT&T Now lost 195,000 subscribers to 1.1 million.

Looking ahead, AT&T expected its adjusted earnings in 2020 to range between $3.60 and $3.70, while revenue growth at a rate from 1% to 2% for the next three years.

“The strategic investments we've made over the last several years have given us the essential elements to meet growing demand for content and connectivity,” AT&T’s CEO Randall Stephenson said.