Shares of AT&T Inc. were on track for their worst day since 2000 Thursday after the company fell short of free-cash flow expectations but reiterated its full-year target on the closely watched metric.
Free-cash flow for the first quarter came in at $1 billion, whereas analysts were modeling $3.2 billion. AT&T T said previously that the first quarter tends to be seasonally slow on the metric due to the timing of device payments, incentive compensation and other factors, and executives reiterated many of those points Thursday.
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