AT&T (T) shares dropped 2.8% in early trading Wednesday after reporting fourth quarter earnings that missed analyst expectations, despite a revenue beat.

The wireless carrier's adjusted earnings of 54 cents per diluted share came in lower than the 56 cents per diluted share analyst consensus compiled by Visible Alpha and contracted compared to 61 cents a share it reported in the year-ago quarter. The company projected 2024 adjusted EPS in the range of $2.15-$2.25 on account of higher depreciation expense, among other factors.

AT&T's quarterly revenue grew 2.2% from a year earlier to a better-than-expected $32 billion.

The company's 澳洲幸运5官方开奖结果体彩网:free cash flow—funds r꧙emaining after covering operating expenses for the company to use—was $6.4 billion, up from $6.1 billion for the same period in 2022.

“We accomplished exactly what we said we would in 2023, delivering sustainable growth and consistent business performance, resulting in full-year free cash flow of $16.8 billion, ahead of our rಞaised guidance,” said John Stankey, AT&T CEO.

Key Metric

Net wireless subscriber additions is a key metric to watch for AT&T. For the quarter, the company reported 5.9 million net adds, greater than the 5.4 million that analysts had expected. Postpaid wireless net additions came in at 526,000 for the quarter, up from the prior quarter but lower than a year ago.