AT&T Chief Tanks Stock: The Economy Sucks

The economy stinks and it’s not getting better soon, AT&T chief Randall Stephenson told Citigroup analyst Michael Rollins during a sit-down at the bank’s annual media and telecom conference.

Specifically, Stephenson said the company has had to cut off residential telephone and broadband customers for not paying their bills. “We’re really experiencing softness on the consumer side of the house from the economy.”

AT&T’s wireless business seems safe for now: as the economy softens, Stephenson said, wireless service is the last thing people are getting rid of.

Meanwhile, AT&T’s stock dove 4.5% during Stephenson’s 45-minute chat. See chart.

More in our live-blog transcript of Stephenson’s remarks.

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