Earnings per share came in 74 cents, matching the expectations of Thomson Reuters, CNBC reported.
First-quarter profit was $3.5 billion compared to $3.8 billion for the year-ago quarter. Year-to-date, T has declined -3.86%, versus a 7.18% rise in the benchmark S&P 500 index during the same period.
AT&T's revenue shortfall is in part owed to losing 66,000 postpaid mobile phone subscribers during the quarter.
"We continued to execute on our goals of driving efficiencies in our business while growing adjusted earnings per share". Analysts were looking for $40.53 billion.
AT&T also highlighted its strong broadband gains, with with 242,000 IP broadband net adds and 115,000 total broadband net adds. Verizon lost wireless customers in Q1.
In the U.S., AT&T lost 348,000 mainstream wireless phone customers, marking a return to the large losses characteristic of the past two years after an easing in the previous period.
Honeywell International Inc. (HON) Upgraded to Hold at Zacks Investment Research
Investment Counsel ADV raised its position in shares of Honeywell International by 0.4% in the third quarter. Illinois-based Guggenheim Limited Liability Company has invested 0.14% in Honeywell International Inc .
Financials: Total wireless revenues were $17.2 billion, down 4.4% year over year due to decreases in service and equipment revenues.
Stephenson added that the "planned acquisitions of Fiber Tower and Straight Path will add valuable millimeter wave spectrum assets to our 5G tool kit as we lead the way to the next generation of wireless technology".
AT&T and industry leader Verizon Communications Inc VZ.N are battling Sprint Corp S.N and T-Mobile US Inc TMUS.O for market share in a mature USA wireless market where most USA consumers already have cellphones.
In contrast, TMUS recorded 914,000 net postpaid phone subscribers in its recently reported quarter.
AT&T is trying to diversify by buying Time Warner Inc TWX.N in a $85.4 billion deal that would give it control of cable channels like HBO and CNN as well as film studio Warner Bros.
The company also rescinded its 2017 sales growth target, blaming the unpredictability of wireless handset sales as customers hold on to their smartphones for longer. The company backed its guidance for adjusted earnings growth in the mid-single digit range, excluding the impact of Time Warner.