Why AT&T Shares Fell 22.6% in the First Half of 2020

Shares of AT&T (NYSE: T) fell 22.6% in the first six months of 2020, according to data from S&P Global Market Intelligence. Known for its wireless service and wireline business offerings, AT&T has made huge acquisitions in the media content and distribution business over the past five years, with the 2015 $49 billion acquisition of DirecTV and the 2018 $85 billion acquisition of Time Warner. In the first quarter, AT&T saw its revenue fall 4.6% year over year, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 3.9% as the company was able to rein in costs.