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AT&T Inc. (T) posted quarterly earnings that were largely in-line with analysts' forecasts Wednesday and confirmed its 2019 profit guidance, but added fewer-than-expected wireless customers over the final months of the year.

AT&T said earnings for the three months ending in December came in at 86 cents per share, matching the consensus Street forecast and rising 10.25% from the same period last year. Total group revenues were also notably higher, rising 14.7% to $48 billion, but fell just shy of analysts' forecasts of $48.5 billion.

AT&T also said it added 134,000 new subscribers to its wireless telephone network paying a monthly bill, missing the FactSet compiled consensus of 208,000. 

"Our top priority for 2018 and 2019 is reducing our debt and I couldn't be more pleased with how we closed the year. In 2018, we generated record free cash flow while investing at near-record levels," said CEO Randall Stephenson. "Our dividend payout as a percent of free cash flow was 46% for the quarter and 60% for the year, allowing us to increase the dividend for the 35th consecutive year."

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"This momentum will carry us into 2019 allowing us to continue reducing our debt while investing in the business and continuing our strong record for paying dividends," he added.

AT&T shares were down 3.8% to $29.53 on Wednesday.

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