Shares of AT&T Inc. T, +0.24% surged 1.9% in premarket trading Monday, after the media and communications giant beat third-quarter profit expectations and provided a 3-year capital allocation plan with help from activist investor Elliott Management, but missed on revenue. Net income fell to $3.70 billion, or 50 cents a share, from $4.72 billion, or 65 cents a share, in the year-ago period.
4% to $7.8 billion to miss expectations of $8.18 billion. The company expects 2020 adjusted EPS of $3.60 to $3.70, compared with the FactSet consensus of $3.63. The company provided a 3-year capital allocation plan, including continued modest dividend growth, debt reduction and share repurchases. "The objectives we have outlined today have been central to our plans for many months, even before we closed our acquisition of Time Warner," said Chief Executive Randall Stephenson.
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