AT&T announced that it was repurchasing an additional $4 billion in stock over the next three years. Plus, the tlecom giant is sanguine about achieving its 2020 and long-term guidance.
At the Morgan Stanley’s Technology, Media and Telecom Conference on Tuesday, AT&T CEO and Warner Media CEO John Stankey said the company is planning to have nationwide 5G coverage by the end of the second quarter.
The company projects wireless service revenue to grow by more than 2% in 2020. Stankey indicated that 5G combined with HBO Max content will continue to be the main driver of revenue growth and profitability.
By the end of 2022, AT&T intends to use 50%-70% of free cash flow after dividends to retire about 70% of the shares it issued to fund the acquisition of Time Warner.