Tags: Trump Administration | Donald Trump | Financial Markets | Money | Net Neutrality | AT&T | tax cut

AT&T CEO: We'd Invest More With Trump Tax Cut

AT&T CEO: We'd Invest More With Trump Tax Cut

AT&T CEO Randall Stephenson (AP Photo/Kristoffer Tripplaar)

By    |   Wednesday, 25 January 2017 10:21 PM

AT&T CEO Randall Stephenson says President Donald Trump's tax cuts would spur more investment from his company.

Stephenson, speaking on a conference call with analysts, said he was impressed with everything Trump said to him during a recent meeting before his inauguration Friday, USA Today reported.

"We know at AT&T that if you saw tax rates move to 20 percent to 25 percent, we know what we would do: We would step up our investment levels," Stephenson said.

Stephenson said he came away from the meeting with Trump with high expectations tax reform and regulatory reform "could actually be pulled off this year."

"I was impressed," Stephenson said. "The president had a very specific agenda in terms of what he thought was critical, and that was tax reform and regulatory reform. And we spoke at length about each of those. So, I left with a degree of optimism."

AT&T's fourth-quarter earnings rose to 66 cents a share, excluding some items, in line with the average of analysts' estimates. Sales slipped to $41.8 billion from $42.1 billion a year earlier. Analysts were projecting $42.1 billion.

Like Verizon Communications Inc., AT&T is fighting to add customers and increase revenue amid a price war with smaller rivals T-Mobile US Inc. and Sprint Corp.

As the wireless industry gets more saturated, and consumers ditch traditional pay-TV for online alternatives, the results highlight why AT&T has been looking to own content rather than just distribute it. The company expects to close the Time Warner deal by years end and become the owner of prime TV, and film content from the Warner Bros. movie studio, and TV networks such as TNT and HBO.

AT&T shares rose less than 1 percent to $41.65 in late trading after the results were announced.

Holiday promotions fetched 520,000 new monthly wireless subscribers for the second-largest U.S. wireless carrier in the quarter, AT&T said last week. That was more than the 385,000 projected by analysts but fewer than the 526,000 added a year earlier.

Bloomberg News contributed to this report.

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AT&T CEO Randall Stephenson says President Donald Trump's tax cuts would spur more investment from his company.
AT&T, tax cut, investment, business
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2017-21-25
Wednesday, 25 January 2017 10:21 PM
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