AT&T bets on fiber, spectrum deals to forecast annual profit above expectations

AT&T forecast annual profit above market expectations on Wednesday, on bets that its ⁠wireless and fiber network expansion would allow the U.S. carrier to tap growing 5G and high-speed internet demand, sending its shares up more than 4%.

The bullish forecast hinges on ‌AT&T’s infrastructure push, anchored ‌by two major deals – a nearly $6 billion purchase of Lumen’s consumer fiber business and a $23 ‌billion acquisition of EchoStar’s spectrum licenses.