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AT&T says hurricanes, earthquakes hurt third-quarter results
October 11, 2017 / 10:07 PM / a month ago

AT&T says hurricanes, earthquakes hurt third-quarter results

(Reuters) - AT&T Inc (T.N) said on Wednesday that its third-quarter results took a hit from a string of hurricanes that tore into parts of the United states and earthquakes in Mexico.

FILE PHOTO: The AT&T logo is pictures on a building in Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake

The No. 2 U.S. wireless carrier said third-quarter consolidated revenue was hurt by about $90 million and pre-tax earnings by about $210 million, or 2 cents per share. (bit.ly/2ydgmfm)

AT&T also said it lost about 90,000 U.S. video subscribers in the quarter due to intense competition in traditional pay TV markets as well as the impact of the recent hurricanes.

“Several devastating hurricanes, as well as earthquakes in Mexico, significantly impacted certain regions of our service area during the third quarter,” the company said.

“We expect further reductions in the fourth quarter as we continue to assess damage to our network and fully restore service,” it added.

However, the company reiterated its full-year forecast of mid-single digit growth in adjusted earnings and capital expenditures in the $22 billion range.

The company’s shares fell marginally in extended trading on Wednesday.

Reporting by Laharee Chatterjee; Editing by Shounak Dasgupta

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