lowered its revenue and earnings guidance for the fourth quarter and chopped its quarterly dividend, saying changes in the anticipated signing of certain large network management contracts and an industry-wide slowdown are hurting its operations.
The company expects overall revenue to grow 2.5% to 3% in the fourth quarter, down from previous guidance of 4% to 5%.
AT&T also projected fourth-quarter operating earnings of 26 cents to 28 cents a share, compared with the 29 cents to 33 cents the company previously expected. According to
First Call/Thomson Financial
, analysts expect the company to earn 31 cents a share in the period.
The company slashed its quarterly dividend to 3.75 cents from 22 cents. The dividend will be payable Feb. 1 to shareholders of record Dec. 29.