AT&T Inc. reported first-quarter results that showcased consistent 5G and fiber customer additions and profitable growth driven by increasing wireless service and broadband revenues.
“Our teams take pride in connecting more people to greater possibility through 5G and fiber,” said John Stankey, AT&T CEO. “We’re winning thanks to a proven and sustainable playbook that centers on simple, customer-centric experiences. As a result, we’re adding high-value customers, and when they choose AT&T, they stay with us. The work we’re doing today is establishing a foundation for durable, long-term growth, and we remain confident in our full-year guidance.”
Total revenues for the first quarter totaled $30.1 billion versus $29.7 billion in the year-ago quarter, up 1.4%. This increase primarily reflects higher Mobility as well as Mexico and Consumer Wireline revenues.
Claimed to be the best-ever first-quarter mobility operating income, service revenues were $15.5 billion, up 5.2% YoY during Q1 2023, primarily driven by subscriber and postpaid ARPU growth.
Continued 5G and fiber subscriber gains recorded 11 straight quarters with more than 400,000 net adds with continued low postpaid phone churn as well as 13 straight quarters with more than 200,000 AT&T Fiber net adds.
For business wireline, revenues were $3.2 billion, up 2.5% YoY year due to gains in broadband. Consumer broadband revenues were up by 7.3% driven by AT&T Fiber revenue growth of 30.7%.
With the ability to serve fiber to 19.7 million consumers and more than 3 million business customer locations, AT&T is also on track to pass 30 million fiber locations by the end of 2025.
Consolidated operating expenses were $24.1 billion, essentially stable reflecting the benefits of AT&T’s continued transformation efforts. On track to achieve $6 billion-plus run-rate cost savings target before the end of 2023, OPEX decreased primarily due to lower domestic wireless equipment; first-quarter 2022 3G network shutdown costs; lower personnel costs and higher returns on benefit-related assets.