Stock Market Today, Oct. 21: AT&T Beats Earnings on Strong Fiber Growth, Raises 2026 Profit Outlook
Today, Oct. 21, 2026, the telecom giant posted record internet additions and advanced connectivity gains, signaling momentum in its capital-intensive fiber strategy.
On October 21, telecommunications giant AT&T reported stronger-than-expected earnings, despite a drop in its stock price. The company's adjusted earnings per share (EPS) and revenue exceeded analysts' estimates, leading to a raised 2026 profit outlook. However, the stock price fell as investors weighed the need for higher spending and concerns over competition from SpaceX.
AT&T's strong performance in fiber growth and adding more than one million advanced connectivity customers in a single quarter underscored the positive impact of their capital investments in this area. The stock closed at $21.91, down 6.45%, while trading volume hit 82.7 million shares, significantly exceeding its three-month average of 45.9 million shares.
In comparison, Verizon Communications and T-Mobile U.S. also saw declines in their stock prices. Sector peers such as Verizon closed at $43.56, down 2.20%, and T-Mobile finished at $153.75, down 2.54%. These competitors are closely tracking AT&T's post-earnings performance.
Despite the stock price drop, investors focused on AT&T's ongoing challenges, including increased spending needs and the growing threat of competition from SpaceX. Elon Musk's company recently secured a nationwide low-band spectrum deal with Grain Management, a significant step toward offering direct-to-device phone coverage across the U.S.
Earlier this month, AT&T finalized the sale of its Mexico wireless unit for $2 billion in cash, shifting its focus to the U.S. market. This move could alter the capital-allocation story for the company.
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