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2021-04-21
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For AT&T’s Earnings, HBO Max Is the Only Thing to Watch<blockquote>对于AT&T的盈利来说，HBO Max是唯一值得关注的</blockquote>
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Fiber. HBO Max. That’s all AT&T executives want to talk about. Only one of those things has move","content":"<p>5G. Fiber. HBO Max. That’s all AT&T executives want to talk about. Only one of those things has moved the stock lately, however, and that’s HBO Max. That, and the company’s commitment to its hefty dividend. Keep that in mind when AT&T reports its first-quarter earnings on Thursday morning.</p><p><blockquote>5G.纤维。HBO Max。这就是美国电话电报公司高管们想谈的一切。然而，最近只有一件事影响了该股，那就是HBO Max。这一点，以及公司对高额股息的承诺。当AT&T周四上午公布第一季度收益时，请记住这一点。</blockquote></p><p> AT&T is expected to report a profit of 53 cents a share, down 16% from a year ago, on sales of $42.7 billion, about equal to the year-ago period. After one-time costs and profits, AT&T’s adjusted earnings per share are forecast to come in at 78 cents, down 8% from a year ago. And like most companies this earnings season, the company will likely top earnings estimates.</p><p><blockquote>AT&T预计每股利润为53美分，同比下降16%，销售额为427亿美元，与去年同期大致持平。扣除一次性成本和利润后，AT&T调整后每股收益预计为78美分，同比下降8%。与本财报季的大多数公司一样，该公司的盈利可能会超出预期。</blockquote></p><p> The focus, however, will be on HBO Max. The streaming service stole the show at an investor day AT&T hosted last month, with a significantly higher long-term subscriber target the key takeaway from the event. Management said that they expect to have up to 150 million streaming subscribers on HBO and HBO Max by 2025, versus a previous forecast—from late 2019—of up to 90 million.</p><p><blockquote>然而，焦点将是HBO Max。该流媒体服务在美国电话电报公司上个月举办的投资者日上抢尽了风头，长期订户数量大幅增加是此次活动的主要收获。管理层表示，预计到2025年，HBO和HBO Max的流媒体订阅用户将达到1.5亿，而此前预测（从2019年底开始）将达到9000万。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ee026e5b02fd94fa961ac678e3495031\" tg-width=\"856\" tg-height=\"574\"></p><p><blockquote></blockquote></p><p> The services had a combined 61 million subscribers at the end of 2020. Expect that number to get bigger. Credit Suisse analyst Douglas Mitchelson forecasts that HBO Max added 1.1 million subscribers in the first quarter—ahead of consensus—based on the app’s 8.8 million downloads in the U.S. That’s ahead of all other U.S. streaming services in the quarter, according to Mitchelson, and well above the 1.4 million HBO app downloads in the year-earlier period.</p><p><blockquote>截至2020年底，这些服务共有6100万用户。预计这个数字会变得更大。瑞士信贷(Credit Suisse)分析师道格拉斯·米切尔森(Douglas Mitchelson)预测，HBO Max在第一季度增加了110万订阅者，超出了市场普遍预期，根据该应用程序在美国的下载量为880万次，领先于本季度所有其他美国流媒体服务。远高于去年同期的140万HBO应用程序下载量。</blockquote></p><p> That would be good news for AT&T. The market lately has valued streaming services on revenue multiples and subscriber growth alone, so the fact that AT&T will almost certainly lose money on the service—the company said last month that it expects the service to break even in 2025—won’t matter.Netflix (NFLX) stock has longtraded predominantly on its subscriber numbers, while ViacomCBS (VIAC) and Discovery (DISCA) stocks were boosted by their management’s streaming-service targets in recent months, before their spectacular declines after the blowup of Archegos Capital Management.</p><p><blockquote>这对AT&T来说是个好消息。市场最近仅根据收入倍数和用户增长来评估流媒体服务，因此AT&T几乎肯定会在该服务上亏损（该公司上个月表示，预计该服务将在2025年实现收支平衡）这一事实并不重要。Netflix(NFLX)股票的长期交易主要基于其用户数量，而ViacomCBS(VIAC)和Discovery(DISCA)股票近几个月来受到管理层流媒体服务目标的提振，但在Archegos Capital Management倒闭后股价大幅下跌。</blockquote></p><p> It’s not that AT&T’s other businesses don’t matter. But wireless growth, if it’s good, will probably be written off because of the generous promotions and subsidized smartphones the company offered to both new and existing subscribers. Warner Bros. and Turner, AT&T’s non-streaming entertainment assets, will continue to be negatively impacted by the Covid-19 pandemic and long-term cord-cutting trends, and are unlikely to shock anyone. Also expect to hear plenty from management about their network investments, which include a $27 billion C-Band spectrum bill and an additional $6 billion to $8 billion to deploy that new spectrum. And above all, AT&T management will underline their commitment to maintaining the company’s dividend—it currently yields 7% annually—and to paying down debt.</p><p><blockquote>并不是说AT&T的其他业务不重要。但无线增长即使良好，也可能会因为该公司向新老用户提供慷慨的促销和智能手机补贴而被一笔勾销。美国电话电报公司的非流媒体娱乐资产华纳兄弟和特纳将继续受到Covid-19大流行和长期裁员趋势的负面影响，不太可能让任何人感到震惊。还预计将从管理层那里听到大量有关其网络投资的信息，其中包括270亿美元的C波段频谱费用以及用于部署新频谱的额外60亿至80亿美元。最重要的是，AT&T管理层将强调他们对维持公司股息（目前年收益率为7%）和偿还债务的承诺。</blockquote></p><p> These are long-term issues, and barring any surprises, AT&T stock’s reaction to its report on Wednesday may very well come down to a beat or miss from HBO Max, with the twitchy market more focused on AT&T’s streaming business of late rather than on the company’s telecom businesses.</p><p><blockquote>这些都是长期问题，除非出现任何意外，AT&T股票对周三报告的反应很可能取决于HBO Max的表现或失误，动荡的市场最近更关注AT&T的流媒体业务，而不是该公司的电信业务。</blockquote></p><p> It can worry about the rest later.</p><p><blockquote>它可以稍后再担心剩下的事情。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>For AT&T’s Earnings, HBO Max Is the Only Thing to Watch<blockquote>对于AT&T的盈利来说，HBO Max是唯一值得关注的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFor AT&T’s Earnings, HBO Max Is the Only Thing to Watch<blockquote>对于AT&T的盈利来说，HBO Max是唯一值得关注的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-21 22:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>5G. Fiber. HBO Max. That’s all AT&T executives want to talk about. Only one of those things has moved the stock lately, however, and that’s HBO Max. That, and the company’s commitment to its hefty dividend. Keep that in mind when AT&T reports its first-quarter earnings on Thursday morning.</p><p><blockquote>5G.纤维。HBO Max。这就是美国电话电报公司高管们想谈的一切。然而，最近只有一件事影响了该股，那就是HBO Max。这一点，以及公司对高额股息的承诺。当AT&T周四上午公布第一季度收益时，请记住这一点。</blockquote></p><p> AT&T is expected to report a profit of 53 cents a share, down 16% from a year ago, on sales of $42.7 billion, about equal to the year-ago period. After one-time costs and profits, AT&T’s adjusted earnings per share are forecast to come in at 78 cents, down 8% from a year ago. And like most companies this earnings season, the company will likely top earnings estimates.</p><p><blockquote>AT&T预计每股利润为53美分，同比下降16%，销售额为427亿美元，与去年同期大致持平。扣除一次性成本和利润后，AT&T调整后每股收益预计为78美分，同比下降8%。与本财报季的大多数公司一样，该公司的盈利可能会超出预期。</blockquote></p><p> The focus, however, will be on HBO Max. The streaming service stole the show at an investor day AT&T hosted last month, with a significantly higher long-term subscriber target the key takeaway from the event. Management said that they expect to have up to 150 million streaming subscribers on HBO and HBO Max by 2025, versus a previous forecast—from late 2019—of up to 90 million.</p><p><blockquote>然而，焦点将是HBO Max。该流媒体服务在美国电话电报公司上个月举办的投资者日上抢尽了风头，长期订户数量大幅增加是此次活动的主要收获。管理层表示，预计到2025年，HBO和HBO Max的流媒体订阅用户将达到1.5亿，而此前预测（从2019年底开始）将达到9000万。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ee026e5b02fd94fa961ac678e3495031\" tg-width=\"856\" tg-height=\"574\"></p><p><blockquote></blockquote></p><p> The services had a combined 61 million subscribers at the end of 2020. Expect that number to get bigger. Credit Suisse analyst Douglas Mitchelson forecasts that HBO Max added 1.1 million subscribers in the first quarter—ahead of consensus—based on the app’s 8.8 million downloads in the U.S. That’s ahead of all other U.S. streaming services in the quarter, according to Mitchelson, and well above the 1.4 million HBO app downloads in the year-earlier period.</p><p><blockquote>截至2020年底，这些服务共有6100万用户。预计这个数字会变得更大。瑞士信贷(Credit Suisse)分析师道格拉斯·米切尔森(Douglas Mitchelson)预测，HBO Max在第一季度增加了110万订阅者，超出了市场普遍预期，根据该应用程序在美国的下载量为880万次，领先于本季度所有其他美国流媒体服务。远高于去年同期的140万HBO应用程序下载量。</blockquote></p><p> That would be good news for AT&T. The market lately has valued streaming services on revenue multiples and subscriber growth alone, so the fact that AT&T will almost certainly lose money on the service—the company said last month that it expects the service to break even in 2025—won’t matter.Netflix (NFLX) stock has longtraded predominantly on its subscriber numbers, while ViacomCBS (VIAC) and Discovery (DISCA) stocks were boosted by their management’s streaming-service targets in recent months, before their spectacular declines after the blowup of Archegos Capital Management.</p><p><blockquote>这对AT&T来说是个好消息。市场最近仅根据收入倍数和用户增长来评估流媒体服务，因此AT&T几乎肯定会在该服务上亏损（该公司上个月表示，预计该服务将在2025年实现收支平衡）这一事实并不重要。Netflix(NFLX)股票的长期交易主要基于其用户数量，而ViacomCBS(VIAC)和Discovery(DISCA)股票近几个月来受到管理层流媒体服务目标的提振，但在Archegos Capital Management倒闭后股价大幅下跌。</blockquote></p><p> It’s not that AT&T’s other businesses don’t matter. But wireless growth, if it’s good, will probably be written off because of the generous promotions and subsidized smartphones the company offered to both new and existing subscribers. Warner Bros. and Turner, AT&T’s non-streaming entertainment assets, will continue to be negatively impacted by the Covid-19 pandemic and long-term cord-cutting trends, and are unlikely to shock anyone. Also expect to hear plenty from management about their network investments, which include a $27 billion C-Band spectrum bill and an additional $6 billion to $8 billion to deploy that new spectrum. And above all, AT&T management will underline their commitment to maintaining the company’s dividend—it currently yields 7% annually—and to paying down debt.</p><p><blockquote>并不是说AT&T的其他业务不重要。但无线增长即使良好，也可能会因为该公司向新老用户提供慷慨的促销和智能手机补贴而被一笔勾销。美国电话电报公司的非流媒体娱乐资产华纳兄弟和特纳将继续受到Covid-19大流行和长期裁员趋势的负面影响，不太可能让任何人感到震惊。还预计将从管理层那里听到大量有关其网络投资的信息，其中包括270亿美元的C波段频谱费用以及用于部署新频谱的额外60亿至80亿美元。最重要的是，AT&T管理层将强调他们对维持公司股息（目前年收益率为7%）和偿还债务的承诺。</blockquote></p><p> These are long-term issues, and barring any surprises, AT&T stock’s reaction to its report on Wednesday may very well come down to a beat or miss from HBO Max, with the twitchy market more focused on AT&T’s streaming business of late rather than on the company’s telecom businesses.</p><p><blockquote>这些都是长期问题，除非出现任何意外，AT&T股票对周三报告的反应很可能取决于HBO Max的表现或失误，动荡的市场最近更关注AT&T的流媒体业务，而不是该公司的电信业务。</blockquote></p><p> It can worry about the rest later.</p><p><blockquote>它可以稍后再担心剩下的事情。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/for-at-ts-earnings-hbo-max-is-the-only-thing-to-watch-51618999201?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"T":"At&T"},"source_url":"https://www.barrons.com/articles/for-at-ts-earnings-hbo-max-is-the-only-thing-to-watch-51618999201?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166803157","content_text":"5G. Fiber. HBO Max. That’s all AT&T executives want to talk about. Only one of those things has moved the stock lately, however, and that’s HBO Max. That, and the company’s commitment to its hefty dividend. Keep that in mind when AT&T reports its first-quarter earnings on Thursday morning.\nAT&T is expected to report a profit of 53 cents a share, down 16% from a year ago, on sales of $42.7 billion, about equal to the year-ago period. After one-time costs and profits, AT&T’s adjusted earnings per share are forecast to come in at 78 cents, down 8% from a year ago. And like most companies this earnings season, the company will likely top earnings estimates.\nThe focus, however, will be on HBO Max. The streaming service stole the show at an investor day AT&T hosted last month, with a significantly higher long-term subscriber target the key takeaway from the event. Management said that they expect to have up to 150 million streaming subscribers on HBO and HBO Max by 2025, versus a previous forecast—from late 2019—of up to 90 million.\n\nThe services had a combined 61 million subscribers at the end of 2020. Expect that number to get bigger. Credit Suisse analyst Douglas Mitchelson forecasts that HBO Max added 1.1 million subscribers in the first quarter—ahead of consensus—based on the app’s 8.8 million downloads in the U.S. That’s ahead of all other U.S. streaming services in the quarter, according to Mitchelson, and well above the 1.4 million HBO app downloads in the year-earlier period.\nThat would be good news for AT&T. The market lately has valued streaming services on revenue multiples and subscriber growth alone, so the fact that AT&T will almost certainly lose money on the service—the company said last month that it expects the service to break even in 2025—won’t matter.Netflix (NFLX) stock has longtraded predominantly on its subscriber numbers, while ViacomCBS (VIAC) and Discovery (DISCA) stocks were boosted by their management’s streaming-service targets in recent months, before their spectacular declines after the blowup of Archegos Capital Management.\nIt’s not that AT&T’s other businesses don’t matter. But wireless growth, if it’s good, will probably be written off because of the generous promotions and subsidized smartphones the company offered to both new and existing subscribers. Warner Bros. and Turner, AT&T’s non-streaming entertainment assets, will continue to be negatively impacted by the Covid-19 pandemic and long-term cord-cutting trends, and are unlikely to shock anyone. Also expect to hear plenty from management about their network investments, which include a $27 billion C-Band spectrum bill and an additional $6 billion to $8 billion to deploy that new spectrum. And above all, AT&T management will underline their commitment to maintaining the company’s dividend—it currently yields 7% annually—and to paying down debt.\nThese are long-term issues, and barring any surprises, AT&T stock’s reaction to its report on Wednesday may very well come down to a beat or miss from HBO Max, with the twitchy market more focused on AT&T’s streaming business of late rather than on the company’s telecom businesses.\nIt can worry about the rest later.","news_type":1,"symbols_score_info":{"T":0.9}},"isVote":1,"tweetType":1,"viewCount":319,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/378885772"}
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