AT&T Inc. (NYSE:T) is expected to top Wall Street estimates when the telecommunications and media company hands down its third quarter earnings before the stock market opens on Thursday, October 19.
For the quarter, analysts, on average, expect AT&T to report earnings per share (EPS) of $0.63 on revenue of $30.2 billion, according to Zacks Investment Research.
This represents a decline in EPS of 7.4% year-over-year, but an increase in revenue of 0.5%.
But analysts are bullish about the stock going into the report, with 87.8% expecting a beat, according to Earnings Whisper.
Overall, earnings estimates have been revised higher since AT&T’s latest earnings release.
Options traders have priced in a 5.6% move on earnings and the stock has averaged a 6.2% move in recent quarters, Earnings Whisper noted.
“Short interest has increased by 28.9% since the company's last earnings release while the stock has drifted lower by 3.7% from its open following the earnings release to be 14.2% below its 200-day moving average of $16.74,” the earnings expectations publisher said.
AT&T shares traded modestly higher, up 0.5% at US$14.48 on Tuesday afternoon.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie