AT&T (T) reported fourth-quarter earnings of 89 cents per share on Wednesday, which beat the analyst consensus estimate of 87 cents. This is a 3.49 % increase over earnings of 86 cents per share from the same period last year.

The company reported quarterly sales of $46.8 billion, which missed the analyst consensus estimate of $46.95 billion. This is down from sales of $47.993 billion the same period last year.

AT&T sees adjusted fiscal 2020 earnings of $3.60-$3.70 per share, compared to the $3.60 estimate.

"We delivered what we promised in 2019 and we begin this year with strong momentum in wireless, with HBO Max set to launch in May and our share retirement plan well underway," said Randall Stephenson, AT&T chairman and CEO. "Our 2020 outlook positions us to deliver meaningful progress on our 3-year financial and capital allocation plans as we continue to invest in growth opportunities and create value for our owners, as we did last year."

AT&T shares are trading down 0.39% at $38.43 in Wednesday’s pre-market session. The stock has a 52-week high of $39.70 and a 52-week low of $28.92.