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AT&T Sued Over Blocked Diversity Vote

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AT&T is facing a lawsuit from four New York City public pension funds that claim the company improperly prevented shareholders from voting on a proposal related to workforce diversity disclosures.

The funds allege that AT&T refused to include their proposal in its 2026 annual shareholder meeting agenda. The proposal sought public disclosure of the demographic breakdown of the company’s 133,000 employees by race, ethnicity, and gender.

According to the complaint filed in Manhattan federal court, AT&T justified the exclusion by citing a recent U.S. Securities and Exchange Commission policy change that allows companies to omit shareholder proposals if they believe there is a reasonable basis to do so.

The pension funds argue that SEC rules do not permit such a move and claim the decision harms shareholders by limiting transparency. They are seeking to block AT&T from distributing proxy materials that exclude the proposal.

The complaint notes that AT&T previously disclosed workforce diversity data publicly between 2021 and 2023, but stopped doing so in 2024 without explanation, despite continuing to submit the information to federal regulators.

Nokia Beats Profit Expectations as AI and Cloud Growth Power Optical Sales

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Nokia reported a stronger-than-expected third-quarter profit, lifted by booming demand for cloud infrastructure and AI-driven data center equipment following its acquisition of U.S. optical networking firm Infinera. Shares surged 10.6% to €5.20 — their highest level in over three years — adding €3 billion to the company’s market value.

Comparable operating profit reached €435 million ($507 million), well above analysts’ forecasts of €342 million, according to LSEG data. Group net sales rose 12% to €4.83 billion, supported by a 19% increase in optical network revenue on a constant currency basis. AI and cloud clients accounted for 6% of total sales and 14% of Nokia’s network infrastructure revenue.

CEO Justin Hotard said AI and data center demand “continues to accelerate,” underscoring the company’s growing focus beyond traditional mobile networks. Despite headwinds from U.S. tariffs, currency weakness, and losing a key AT&T 5G contract to Ericsson, Nokia upgraded its annual operating profit outlook to a range between €1.7 billion and €2.2 billion.

AT&T Beats Subscriber Forecasts as iPhone Deals and Bundled Plans Boost Growth

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AT&T added more new wireless customers than expected in the third quarter, lifted by bundled service discounts and aggressive iPhone 17 promotions that helped it compete in a crowded U.S. telecom market. However, the company’s shares fell about 2% on Wednesday after slightly missing revenue estimates due to weaker equipment sales.

The September quarter is a key period for wireless carriers, coinciding with Apple’s annual iPhone release, when firms battle fiercely to win subscribers. AT&T rolled out generous trade-in offers and upgrade incentives to draw new users and push existing ones toward higher-tier plans.

The company reported 405,000 new postpaid wireless subscribers, surpassing FactSet’s estimate of 334,100, while equipment revenue from its mobility division rose 6.1% to $4.79 billion, slightly below Visible Alpha’s forecast of $4.93 billion. Operating costs climbed 3.8%, driven by pricier phones and heavier marketing expenses.

Analysts said the fourth quarter could see an even sharper rise in customer upgrades during the holiday season, pressuring profit margins. MoffettNathanson noted that “a normalization of upgrade rates” could increase churn and reduce average revenue per user (ARPU).

To retain customers, AT&T has leaned on its bundled fiber and wireless offerings, offering discounts to multi-service subscribers. The strategy is paying off: over 41% of AT&T’s fiber broadband customers now also use its mobile service, and broadband net additions of 558,000 marked the company’s best performance in over eight years.

Still, revenue from AT&T’s business wireline unit fell 7.8%, reflecting ongoing declines in legacy voice and data products.

On an adjusted basis, the company earned $0.54 per share, matching analyst expectations. Total revenue came in at $30.7 billion, just shy of the $30.87 billion forecast.

While the results highlight AT&T’s subscriber momentum, analysts warn that the coming upgrade surge could test the sustainability of its current growth strategy.