AT&T 营收超预期（增长逾5%至323亿美元），EPS 也超预期（65美分，预期60美分），并将2026年调整后盈利展望上调至约每股240美元，同时加快回购至约100亿美元；但股价下跌，因后付费手机新增用户从432,000放缓至379,000，且围绕 Starlink 的竞争问题引发疑问。
逐段跳播
AT&T。那里看到了一些盈利增长。AT&T 的业绩确实好于预期，但这不足以推动股价。投资者担心的是，从现在起用户数的走势会是什么样。
AT&T. Saw some earnings growth there. AT&T did have better than expected results, but it's not enough to move the needle on shares. Investors concerned about what the trajectory for subscribers looks like from here.
盈利方面，营收增长5%，超过5%，达到323亿美元。这超出了预期。调整后每股收益65美分也超出了预期。华尔街预期为每股60美分。营收方面，华尔街预期为316.9亿美元。所以，再次在营收和盈利两条线上都超出预期。
earnings came in revenue rose 5% more than 5% to $32.3 billion. That beat expectations. Adjusted earnings per share of 65 cents a share also beat expectations. The street was looking for 60 cents a share.
Uh revenue street was looking for 31.69 billion. So again a beat on both the top and bottom line.
他们在前景方面也预计未来利润会更高。他们预计2026年调整后每股收益约为240美元。这高于他们7月份发布的先前预测。
They're also have uh in terms of their outlook expecting a higher profit from here. They're expecting 2026 adjusted earnings around 240 a share. That's above their prior forecast that they issued back in July.
他们还一直在计划一些股票回购，计划今年回购约100亿美元。所以，这正在加快其计划步伐，抱歉。
They've also been planning some share repurchases, planning approximately $10 billion a share of buybacks this year. So that's accelerating its plan pace, excuse me.
首席执行官表示，此举反映了对公司市场地位的信心。
Uh the CEO saying that the move reflects confidence in the company's market position.
但为什么股价走低？用户数，这是目前较为疲软的地方。并不是他们失去了用户，而是相比上一季度有所放缓。他们新增了37.9万后付费电话用户。这显然是华尔街关注的一个关键指标。这比上一季度有所放缓。上一季度，新增用户为43.2万。
But why are shares lower? Subscribers, that's the softer spot from here. It's not that they lost subscribers, it's a slow down from the prior quarter. They added 379,000 postpaid phone subscribers.
That's obviously a key metric that Wall Street pays attention to here. It's a slowdown from the previous quarter. In the previous quarter, you saw an addition of 432,000.
这些是按月付费的客户。他们是公司可预测的经常性收入的重要来源。所以，从现在来看，问题是存在竞争压力方面。如果放缓发生在这里，用户都去了哪里？还有关于潜在计划的问题，我们听到过 Starlink 的想法以及那里的竞争。
所以，就 AT&T 而言，竞争格局正在发生变化。
These are the customers that pay monthly. They're important source of uh just that predictable uh recurring revenue that we see uh for the company. So the question from here is there's a competitive pressure aspect.
Um if the slowdown is happening here where are the subscribers going and also there's the question of uh the plans by potentially we heard the idea of Starlink floated and competition there.
So the competitive landscape is shifting when it comes to AT&T.
他们显然会说，他们有足够强大的覆盖范围来抵御来自 Starlink 的任何潜在竞争。但现在围绕他们的定位有更多问题在盘旋。
You know they obviously would say that they have a strong enough footprint to hold up against any potential competition from Starling. Um, but there are more questions swirling around their positioning now.