By Sheila Dang
(Reuters) - AT&T Inc on Thursday reported the coronavirus pandemic had taken a heavy toll on its media business, but quarterly results were offset by stronger than expected gains in new phone subscribers lifted by offers for its HBO Max streaming service for free on certain phone plans.
That helped AT&T beat revenue expectations. Total revenue was $42.3 billion during the third quarter ended Sept. 30, exceeding the average analyst expectation of $41.59 billion, according to IBES data from Refinitiv.
Shares of AT&T rose 1% to $27.03 in premarket trading.
The company added 645,000 net new phone subscribers during the quarter who pay a recurring monthly bill. Analysts had expected AT&T to lose a net 9,000 customers, according to research firm FactSet.
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