US telecoms giant AT&T Inc. has reported operating revenues of USD44.6 billion for the three months ended 30 September 2019, down slightly from USD45.7 billion in 3Q18. Operating income for the third quarter increased from USD7.3 billion to USD7.9 billion, while net income attributable to AT&T dipped from USD4.7 billion to USD3.7 billion.
Meanwhile, following discussions with self-styled activist investor Elliott Management Corporation – which criticised the telco’s strategy in September 2019 after building up a USD3.2 billion stake – AT&T notes that it will ‘continue to actively review its portfolio, analyse the merits of each business and monetise non-core assets’. In 2019, the company expects to close about USD14 billion from monetising non-core assets and in 2020 it expects to monetise USD5 billion to USD10 billion of non-strategic assets. In addition, AT&T has clarified that it will embark on ‘no major acquisitions’ in the near-future.