AT&T misses Street 3Q forecasts

Earnings Associated Press

Signage for an AT&T store is seen in New York October 29, 2014. AT&T Inc has made a bid for Yahoo Inc's internet business, Bloomberg reported on Wednesday, citing people familiar with the matter. REUTERS/Shannon Stapleton/File Photo - RTX2PXRO (Copyright Reuters 2017)

AT&T Inc. (T) on Tuesday reported third-quarter net income of $3.03 billion.

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On a per-share basis, the Dallas-based company said it had profit of 49 cents. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, came to 74 cents per share.

The results fell short of Wall Street expectations. The average estimate of 20 analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The telecommunications company posted revenue of $39.67 billion in the period, which also fell short of Street forecasts. Nineteen analysts surveyed by Zacks expected $40.27 billion.

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AT&T shares have fallen 18 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 15 percent. In the final minutes of trading on Tuesday, shares hit $34.88, a decline of slightly more than 5 percent in the last 12 months.

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