AT&T Inc. said some subscribers are taking more time to pay for their bills, causing the U.S. wireless carrier to cut its annual free cash flow forecast by about $2 billion.
That sent its shares down by as much as 11 percent on Thursday. By 2 p.m. ET, AT&T’s stock was down by about 7.9 percent.
The conservative forecast comes as AT&T joins other companies to prepare for a potential slowdown in consumer spending in the second half of the year against the backdrop of four-decades high inflation in the United States.
CEO John Stankey stated Thursday that some customers are struggling to pay their phone bills….