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AT&T Inc (NYSE: T) shares fell on Thursday after the telecom company said its cash flow was hurt in the quarter by customers’ later phone payments.
The company said the cash flow was affected by approximately $1 billion due to timing of customer collections as they have been paying their bills about two days later than last year.
Shares of the company fell almost 8% at $18.92.
AT&T lowered its full-year free cash flow guidance from the $16 billion range to the $14 billion range.
In the second quarter, the company reported revenue of $29.64 billion, down from $35.7 billion in the year-earlier period. Analysts had expected revenue of $29.55 billion, according to Refinitiv.
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