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Imagine losing a cable customer base the size of Arlington. That's what AT&T expects
12 October 2017, 10:33 | Hattie Nash
AT&T (T) said Wednesday that it lost 90,000 video subscribers in the U.S.in the third quarter, a steeper drop than the same period previous year. The decline, its third quarterly drop in a row, came despite almost 300,000 new accounts on its DirecTV Now service, which streams channels over the internet.
AT&T said it added roughly 300,000 subscribers to DirecTV Now, its cheaper option for customers who want to stream television over the internet. AT&T had 25.2 million video subscribers at the end of the second quarter.
"It should be clear that DirecTV, like all of its cable peers, is suffering from the ravages of cord-cutting", said Craig Moffett, analyst at MoffettNathanson, in an email. DirecTV and Comcast are seeing and responding to the same secular pressures.
The announcement weighed on other stocks in the sector, with shares of Dish Network Corp, Charter Communications Inc, Comcast Corp and Altice USA Inc trading lower.
AT&T has also attracted DirecTV Now subscribers with free promotions and deep discounts.
MoffettNathanson believes the weakness in AT&T's pay-TV numbers shines a new light on the spate of aggressive promotions at AT&T, notably that nearly all of them appear to be centred on bundling, with the benefit seemingly toward bolstering video metrics at DirecTV.
Amazon.com, Inc. (AMZN) Analysts See $0.04 EPS
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Capital One National Association holds 14,248 shares with $279,000 value, down from 285,238 last quarter.
FBR & Co Comments on MetLife, Inc.'s Q3 2017 Earnings (MET)
Following the acquisition, the director now directly owns 41,951 shares in the company, valued at approximately $2,272,485.67. California-based Checchi Capital Advisers Limited Liability Company has invested 0.04% in Metlife Inc (NYSE:MET).