AT&T shares jump 4% after strong Q2 earnings, raising buyback target

AT&T reported strong Q2 earnings with revenue of $31.6 billion (up 2.3% YoY), adjusted EBITDA of $12.3 billion (up 5.2%), and free cash flow of $4.7 billion. The company raised its 2024 share buyback target to about $10 billion and reiterated plans to return more than $45 billion to shareholders during 2026-2028. AT&T added over 1 million advanced connectivity customers, 367,000 fiber net additions, and 432,000 postpaid phone subscribers, while reaching 38.6 million fiber locations.