Mobile phone giant AT&T's $39.9 bn revenue falls

Total revenue fell 5.7% to $39.9 billion in the third quarter compared to a year earlier due to the divestment of satellite TV provider DirectTV. But it exceeded analysts' average estimate of $39.14 billion.

Telecom operators, including AT&T and Verizon Communications Inc, have been unwinding their expensive media businesses to direct their investment on phone and internet services.

With a debt pile of $179.2 billion as of Sept. 30, AT&T too has been under pressure to sell less profitable businesses and spend more on 5 G and other wireless services.

Media companies have also been trying to beat competition and grow by investing heavily in content and international expansion.