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AT&T logo in New York. Photo: Roberto Machado Noa/LightRocket via Getty Images

AT&T reported positive earnings results for their third quarter Wednesday, beating on revenue and falling slightly short on profits. The company credits its revenue growth to WarnerMedia (its media division that was formerly called Time Warner) and its wireless business.

Why it matters: The results show that WarnerMedia, which grew its revenue by 6.5% year-over-year, may become an opportunity for growth in the short-term for AT&T. The telecom company acquired the media company in June with the intention of building a strong subscription video on-demand business and advertising business long-term.

The details: This was the first earnings report for AT&T after owning WarnerMedia for a full quarter. Earnings highlights include Turner and HBO year-over-year subscription revenue growth and strong Warner Bros. television licensing revenue growth.

  • AT&T's advertising business, Xandr, created in part through the Time Warner acquisition, also performed well. Advertising revenues were up 34%.

Yes, but: Dramatic changes to the media business haven't yet occurred, so earnings should be reflective of positive momentum of Time Warner, prior to the acquisition.

  • Last week the company shut down "Super Deluxe," its comedy production arm, but it has yet to make other sweeping changes.
  • However, executives have indicated that capital reallocations towards its new subscription video product may impact some other business, most likely some of the Turner brand cable channels.

The bigger picture: AT&T's positive earnings outlook from its media acquisition stands in stark contrast to its rival, Verizon's. In its earnings report Tuesday, Verizon suggested that the outlook for Oath, the digital media business it created last year by combining companies like AOL and Yahoo, was not strong and appears flat in the short-term.

Go deeper

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.

Updated 13 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

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