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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>就 AT&T 的盈利而言，HBO Max 是唯一值得关注的节目</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":"5G. Fiber. HBO Max. That’s all AT&amp;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&amp;T reports its first-quarter earnings on Thursday morning.<blockquote>5G。纤维。HBO Max。这就是 AT&amp;T 高管们想谈论的。不过，最近只有一件事影响了股价，那就是 HBO Max。这一点，以及公司对高额股息的承诺。当美国电话电报公司周四上午公布第一季度收益时，请记住这一点。</blockquote> AT&amp;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&amp;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.<blockquote>美国电话电报公司预计每股利润为 53 美分，比去年同期下降 16%，销售额为 427 亿美元，与去年同期大致相同。扣除一次性成本和利润后，AT&amp;T 调整后每股收益预计为 78 美分，比去年同期下降 8%。与本财报季大多数公司一样，该公司可能会超出盈利预期。</blockquote> The focus, however, will be on HBO Max. The streaming service stole the show at an investor day AT&amp;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.<blockquote>然而，焦点将是HBO Max。流媒体服务在美国电话电报公司上个月举办的投资者日活动中抢尽了风头，长期订户的数量明显更高，这是此次活动的主要收获。管理层表示，他们预计到2025年，HBO和HBO Max上的流媒体用户将达到1.5亿，而之前的预测——从2019年底开始——将达到9000万。</blockquote> <img src=\"https://static.tigerbbs.com/ee026e5b02fd94fa961ac678e3495031\" tg-width=\"856\" tg-height=\"574\"><blockquote></blockquote> 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.<blockquote>截至2020年底，这些服务共有6100万用户。预计这个数字会更大。瑞士信贷（Credit Suisse）分析师道格拉斯-米切尔森（Douglas Mitchelson）预测，根据该应用在美国的 880 万次下载量，HBO Max 在第一季度新增了 110 万用户，超出了市场预期。</blockquote> That would be good news for AT&amp;T. The market lately has valued streaming services on revenue multiples and subscriber growth alone, so the fact that AT&amp;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&nbsp;(NFLX) stock has longtraded predominantly on its subscriber numbers, while&nbsp;ViacomCBS&nbsp;(VIAC) and&nbsp;Discovery&nbsp;(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.<blockquote>这对美国电话电报公司来说是个好消息。Netflix (NFLX) 的股票长期以来主要根据其用户数量进行交易，而 ViacomCBS (VIAC) 和 Discovery (DISCA) 的股票近几个月来因其管理层的流媒体服务目标而受到提振，但在 Archegos Capital Management 倒闭后出现了惊人的下跌。</blockquote> It’s not that AT&amp;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&amp;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&amp;T management will underline their commitment to maintaining the company’s dividend—it currently yields 7% annually—and to paying down debt.<blockquote>AT&amp;T 的其他业务并不重要。但是，无线业务的增长，如果是好的，很可能会因为该公司向新老用户提供的慷慨促销和补贴智能手机而一笔勾销。华纳兄弟和特纳是 AT&amp;T 的非流媒体娱乐资产，它们将继续受到 Covid-19 大流行病和长期剪线趋势的负面影响，不太可能让任何人感到震惊。预计还会从管理层那里听到很多关于他们网络投资的消息，其中包括270亿美元的C波段频谱账单和额外的60亿至80亿美元来部署新频谱。最重要的是，AT&amp;T 管理层将强调他们致力于维持公司的股息--目前公司的年收益率为 7%--并偿还债务。</blockquote> These are long-term issues, and barring any surprises, AT&amp;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&amp;T’s streaming business of late rather than on the company’s telecom businesses.<blockquote>这些都是长期问题，如果不出意外，AT&amp;T 股票对周三报告的反应很可能取决于 HBO Max 的表现。</blockquote> It can worry about the rest later.<blockquote>剩下的可以以后再担心。</blockquote>","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>就 AT&amp;T 的盈利而言，HBO Max 是唯一值得关注的节目</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>就 AT&amp;T 的盈利而言，HBO Max 是唯一值得关注的节目</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-21 22:19\n\n</h4>\n</header>\n<article>\n5G. Fiber. HBO Max. That’s all AT&amp;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&amp;T reports its first-quarter earnings on Thursday morning.<blockquote>5G。纤维。HBO Max。这就是 AT&amp;T 高管们想谈论的。不过，最近只有一件事影响了股价，那就是 HBO Max。这一点，以及公司对高额股息的承诺。当美国电话电报公司周四上午公布第一季度收益时，请记住这一点。</blockquote> AT&amp;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&amp;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.<blockquote>美国电话电报公司预计每股利润为 53 美分，比去年同期下降 16%，销售额为 427 亿美元，与去年同期大致相同。扣除一次性成本和利润后，AT&amp;T 调整后每股收益预计为 78 美分，比去年同期下降 8%。与本财报季大多数公司一样，该公司可能会超出盈利预期。</blockquote> The focus, however, will be on HBO Max. The streaming service stole the show at an investor day AT&amp;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.<blockquote>然而，焦点将是HBO Max。流媒体服务在美国电话电报公司上个月举办的投资者日活动中抢尽了风头，长期订户的数量明显更高，这是此次活动的主要收获。管理层表示，他们预计到2025年，HBO和HBO Max上的流媒体用户将达到1.5亿，而之前的预测——从2019年底开始——将达到9000万。</blockquote> <img src=\"https://static.tigerbbs.com/ee026e5b02fd94fa961ac678e3495031\" tg-width=\"856\" tg-height=\"574\"><blockquote></blockquote> 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.<blockquote>截至2020年底，这些服务共有6100万用户。预计这个数字会更大。瑞士信贷（Credit Suisse）分析师道格拉斯-米切尔森（Douglas Mitchelson）预测，根据该应用在美国的 880 万次下载量，HBO Max 在第一季度新增了 110 万用户，超出了市场预期。</blockquote> That would be good news for AT&amp;T. The market lately has valued streaming services on revenue multiples and subscriber growth alone, so the fact that AT&amp;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&nbsp;(NFLX) stock has longtraded predominantly on its subscriber numbers, while&nbsp;ViacomCBS&nbsp;(VIAC) and&nbsp;Discovery&nbsp;(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.<blockquote>这对美国电话电报公司来说是个好消息。Netflix (NFLX) 的股票长期以来主要根据其用户数量进行交易，而 ViacomCBS (VIAC) 和 Discovery (DISCA) 的股票近几个月来因其管理层的流媒体服务目标而受到提振，但在 Archegos Capital Management 倒闭后出现了惊人的下跌。</blockquote> It’s not that AT&amp;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&amp;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&amp;T management will underline their commitment to maintaining the company’s dividend—it currently yields 7% annually—and to paying down debt.<blockquote>AT&amp;T 的其他业务并不重要。但是，无线业务的增长，如果是好的，很可能会因为该公司向新老用户提供的慷慨促销和补贴智能手机而一笔勾销。华纳兄弟和特纳是 AT&amp;T 的非流媒体娱乐资产，它们将继续受到 Covid-19 大流行病和长期剪线趋势的负面影响，不太可能让任何人感到震惊。预计还会从管理层那里听到很多关于他们网络投资的消息，其中包括270亿美元的C波段频谱账单和额外的60亿至80亿美元来部署新频谱。最重要的是，AT&amp;T 管理层将强调他们致力于维持公司的股息--目前公司的年收益率为 7%--并偿还债务。</blockquote> These are long-term issues, and barring any surprises, AT&amp;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&amp;T’s streaming business of late rather than on the company’s telecom businesses.<blockquote>这些都是长期问题，如果不出意外，AT&amp;T 股票对周三报告的反应很可能取决于 HBO Max 的表现。</blockquote> It can worry about the rest later.<blockquote>剩下的可以以后再担心。</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\n为提升您的阅读体验，我们对本页面进行了排版优化\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":544,"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,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/378885772"}