Telecom Earnings Week: AT&T Reports Wednesday, Verizon Friday

A pivotal week begins for the portfolio's telecom holdings. AT&T reports second-quarter results Wednesday, July 22, with Wall Street looking for roughly $32 billion in revenue and $0.59 in earnings per share. The stock, recently near $22, remains weighed down by a Wells Fargo Underweight rating framed around competition risk from Starlink's direct-to-device satellite service.

Verizon follows on Friday, July 24. Consensus calls for about $35.5 billion in revenue, up roughly 5% year over year on the full-quarter inclusion of Frontier, with GAAP EPS near $1.26. Investors will focus on postpaid phone net adds, churn and Frontier integration progress after management raised full-year adjusted EPS growth guidance to 5%–6%.

Both carriers found their footing last week after one of their worst stretches in years, with Verizon also announcing it will provide connectivity for newly manufactured BMW Group vehicles through its KDDI partnership. Analysts broadly argue the satellite threat is years away in populated areas, making this week's subscriber numbers the nearer-term test.