By Josh Beckerman

 

AT&T Inc. (T) said third-quarter revenue will be affected by trends including lower wireless-equipment revenue driven by low upgrade rates.

The company also said WarnerMedia faces a tough comparison to last year's third quarter, which included strong box-office results from "Crazy Rich Asians" and "The Meg."

In a shareholder update following a conference presentation, AT&T said it continues to expect free cash flow in the $28 billion range for full-year 2019.

AT&T said that "given the company's confidence in reaching its leverage target, investors should expect share buybacks will be in the mix this year."

The company noted that its "hard line" on content negotiations has helped it manage costs but has contributed to content provider blackouts and premium subscriber losses. AT&T expects premium TV subscriber trends to improve in 2020.

On Monday, Elliott Management Corp. disclosed a $3.2 billion stake in AT&T, criticizing its acquisition strategy and calling for it to sell some assets.

 

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

September 11, 2019 18:39 ET (22:39 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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