© Reuters. FILE PHOTO: Shoppers walk past an AT&T store at the King of Prussia Mall in King of Prussia, Pennsylvania, U.S. November 22, 2019. REUTERS/Mark Makela
(Reuters) – U.S. wireless carrier AT&T Inc (NYSE:) reported a 26% jump in third-quarter profit on Thursday, as more Americans opted for its wireless services and upgraded to 5G plans amid summer travel.
The company has doubled down on promotional activities to add subscribers in a highly competitive telecoms market where customers are cutting back on discretionary spending due to decades-high inflation.
AT&T added 708,000 net new monthly bill paying wireless phone subscribers in the quarter, surpassing Factset estimates of 552,300 additions.
Total revenue rose 3% to $30 billion, exceeding expectations of $29.86 billion, according to Refinitiv data.
Income from continuing operations was $6.3 billion compared with $5 billion a year earlier. Adjusted earnings per share came in at 68 cents per share.
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