AT&T’s core business delivered another strong quarter in Q3, and it could be proof that the telecom giant is finally back on track. But don’t be fooled: This company is still struggling to prove its value to investors, and CEO John Stankey has a long way to go to build back trust. 

Shares of AT&T have been on a steady decline over the past several years, and the WarnerMedia spinoff news didn’t help as much as expected. The stock fell about 13% so far this year, while the broader market gained more than 22% during the same time period. On top of that, AT&T stock sank roughly 18% since the WarnerMedia-Discovery merger was announced on May 17. 

AT&T shares were volatile following its third-quarter results. After rising about 1% in the pre-market session, shares teetered between gains and losses at the start of the regular trading session. 

Variety Intelligence Platform chief media analyst Andrew Wallenstein and VIP media analyst and correspondent Heidi Chung breakdown AT&T’s latest quarter and path ahead.

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