AT&T detailed a $430 million coronavirus pandemic hit for its first quarter and said it lost 1.04 million TV subscriber in the first quarter. Details:
"The economic effects of the pandemic and resulting societal changes are currently not predictable."
It detailed a $430 million hit to quarterly earnings, but added: "The economic effects of the pandemic and resulting societal changes are currently not predictable." AT&T disclosed that it lost 138,000 subscribers at its AT&T TV Now streaming service in the period, following a loss of 219,000 in the fourth quarter and a loss of 83,000 in the year-ago period. It also recorded a 897,000 loss of premium TV subscribers at DirecTV and U-Verse, compared with a loss of 945,000 in the fourth quarter and a year-ago loss of 544,000. Overall it lost 1.035 million TV subscribers.
Wall Street analysts have been debating whether the virus crisis that has forced people to stay at home would make pay TV services more core for consumers looking for news and entertainment or accelerate cord cutting amid rising unemployment.
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