Cord-cutting continues to take its toll. AT&T's second-quarter profit fell to $3.7 billion from $5.1 billion a year earlier.
AT&T Inc. lost nearly one million pay-TV customers in the second quarter as cord-cutting continued to take its toll, while the company’s wireless and media businesses helped to offset the losses.
The Dallas company posted a net loss of 778,000 “premium video” subscribers, most of whom subscribe to DirecTV, and shed 168,000 streaming DirecTV Now accounts. Chief Executive Randall Stephenson earlier this year told investors the company expects to keep losing pay-TV customers through 2019 as it cut backs on promotions.
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