AT&T Cancels $4B Stock Buyback to Focus on 5G, Other 'Continued Investment'
AT&T cancelled the $4 billion “accelerated” stock buyback it had planned for Q2 with Morgan Stanley, said an SEC filing Friday. The business “continues to operate effectively during the COVID-19 global pandemic,” it said. But canceling the buyback and other…
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stock repurchases will help AT&T “maintain flexibility and focus on continued investment in serving our customers, taking care of our employees and enhancing our network, including nationwide 5G,” it said. That will enable AT&T to be “well positioned when the pandemic passes and economies begin to recover,” it said. The “evolving nature” of COVID-19 makes it impossible to “estimate the impact on our financial or operational results,” it said.