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While AT&T Tops Earnings Forecasts, Video and Key Mobile Subscribers Drop

While the acquisition of DirecTV pushed AT&T (T - Get Report) sales higher and its earnings for the first quarter topped forecasts, the telecom reported fewer new U.S. wireless subscribers with conventional plans than expected after hours on Tuesday.

After initially climbing, shares of the telecom dropped 41 cents, or 1.1%, to $37.68 after the market close.

Revenue rose 24% to $40.5 million, slightly above Wall Street expectations, largely due to last year's purchase of DirectTV for $49 billion in equity value, or $67 billion including debt. Adjusted earnings per share increased more than 10% to 72 cents, topping forecasts of 69 cents per share.

CFO John Stephens noted that AT&T scored its fourth consecutive quarter of double-digit adjusted earnings per share growth.

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Stephens said AT&T is on track to reap $1.5 billion in savings and other benefits from the DirecTV (DTV)...