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During the early trading hours on Thursday, April 20, the stock price of telecom giant AT&T (NYSE: T) came crashing down by more than 7%. As of press time, the AT&T stock is trading 7.26% down at a price of $18.28. Today’s price crash in AT&T pushes the stock into negative territory on the year-to-date chart.
The recent action in AT&T’s stock came as the telecommunications giant reported free cash flow for the first quarter of the year 2023, falling severely short of analysts’ expectations. Also, the March quarter’s adjusted earnings for AT&T from its continuing operations were 60 cents, down by 5% from a year before.
Interestingly, the telecommunications giant reported better-than-expected revenue which jumped by 1.4% to $30.1 billion. Analysts at FactSet predicted AT&T earnings of 58 cents a share on revenue of $30.2 billion. A year before, AT&T had reported earnings of 63 cents a share on revenue of $29.7 billion from continuing operations.
During the first quarter of this year 2023, the company’s free cash flow came at $1 billion, while missing the estimates of $3.2 billion. Also, during the March quarter, the company reported 424,000 postpaid phone net additions and 72,000 net additions within its fiber broadband business. Commenting on the developments, Chief Executive John Stankey said:
“We’re winning thanks to a proven and sustainable playbook that centers on simple, customer-centric experiences. As a result, we’re adding high-value customers, and when they choose AT&T, they stay with us.”
For the first quarter of the year, the telecom giant’s wireless revenue rose 2.5% to $20.6 billion. Although the company added new wireless postpaid phone customers, the growth was relatively slow during the first quarter. In the year-earlier period, AT&T had added 691,000 postpaid phone subscribers.
Previously, AT&T said that the first quarter tends to be seasonally slow on the metric due to the timing of the device payments, incentive compensation, and other factors.
Along with AT&T, subscriber growth is also likely to slow for other players such as T-Mobile US and Verizon Communications. Both these companies shall report their numbers ahead of this month.
The AT&T shares owned a Relative Strength Rating of 78 out of a best-possible 99. It will be interesting to see as to how long will it take for the fall in the share price to cool down.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
One of the signature features of Nothing’s Ear (1) wireless earbuds is the design. The earphones feature transparent cases that give them an original look in an industry that’s getting more and more crowded. Add in the relatively low $99 price, and you end up with a unique device. You get active noise cancelation for a lower price than the competition in a package that looks nothing like most AirPods alternatives. And if that’s not enough, Nothing went ahead and introduced another Ear (1) option. Joining the white model, the black Ear (1) retails for the same $99. And you can pay for it with cryptocurrencies if you like, including the meme crypto you keep seeing in the news: Dogecoin.
Launching a new color for a product that’s main design feature is the transparent enclosure seems counterintuitive. You can’t have both colors and transparency in a product. But the Nothing Ear (1) isn’t completely transparent.
Only the stem comes with transparent plastic covers that show some of the earphone’s internals. The actual bud, the part that goes inside the ear, comes in white in the original model. That’s where you can apply the color change. And that’s how you end up with the new $99 black Ear (1) headphones that Nothing just unveiled.
The black/transparent combination might make more sense for some buyers who care about how their wireless earphones look. Transparency aside, the white Ear (1) look like black and white wireless earphones from a distance. You have to get closer to them to notice the transparency. If that’s been bothering you, then the black/transparent option will fix it.
As expected, a black/transparent case will go with the new Nothing earphones.
Aside from the color change, nothing changes for the black Ear (1). You still get the same features like the white model. And the price stays in place. That’s $99 for the black Ear (1), which will go on sale on December 13th.
Also, Nothing claims its wireless earphones are carbon-neutral, with certification company SGS having helped the startup neutralize its carbon footprint.
More exciting is that you can pay with cryptocurrencies for the white and black Ear (1) models. It’s not just doge that Nothing supports, as the payments system will also accept bitcoin, ethereum, and stable coin USDC.
Paying with either bitcoin or ethereum might not make much sense due to the wait time and commissions involved in processing transactions. Doge might be a better alternative, although it’s not perfect. While the addition of crypto payments to Nothing’s online store is a notable development, it also somewhat contradicts the carbon neutrality claims.
Minting bitcoin and ethereum requires plenty of energy. Nothing is aware of the paradox, pointing The Verge to the Crypto Climate Accord. That’s an effort for the crypto industry to produce net-zero emissions by 2030.
Payments and environment aside, it’s unclear how much stock of black Ear (1) Nothing will have in stock. The company is labeling the black model as a “limited edition” for the time being. But it could make it a permanent addition to its lineup in the future.