AT&T stock rises after earnings. So much for SpaceX fears.

AT&T stock was rising on Wednesday after the wireless carrier topped analysts’ second-quarter earnings target, even as revenue missed expectations.

Shares climbed 4.7% to $23.30 in early trading. The S&P 500 dipped 0.1% as investors soured slightly on AI stocks.

AT&T’s results could help park fears about SpaceX. Investors are worried that the rocket and AI company’s Starlink service could disrupt the wireless market, dominated at the moment by AT&T and its peers.

AT&T reported adjusted earnings per share of 65 cents, ahead of the 59 cents expected by analysts polled by FactSet. Revenue of $31.6 billion came in below the consensus estimates of $31.8 billion, though.

AT&T added 432,000 postpaid phone net subscribers over the quarter, better than the 338,500 additions Wall Street was looking for.

That suggests the company is still adding customers despite an immigration crackdown and a price war with rivals T-Mobile US and Verizon Communications.

Telecom stocks have struggled in 2026 amid fears that expanding 5G and fiber coverage will eat into wireless carriers’ free cash flows.

AT&T shares were down 10% for the year through Tuesday’s close. T-Mobile is down 6%, but Verizon is up 7.5% thanks to a cost-cutting push.

Write to George Glover at [email protected]