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AT&T forecasts annual profit below estimates

Signs of an economic recession are prompting U.S. companies to streamline their operations and issue cautious forecasts as they anticipate a drop in demand from customers cutting back on spending. AT&T said it was expecting earnings for 2023 in the range of $2.35 and $2.45 per share, compared with analysts’ estimates of $2.56 per share, according to Refinitiv data. The U.S. carrier added 656,000 postpaid phone subscribers in the latest quarter, above Factset estimates of 644,800 additions.

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