Cord-cutting continues to have a major negative impact on the cable business, including AT&T's cable division. During the third quarter, the company's DirecTV and U-Verse networks saw their subscriber count fall by 385,000. That's a new record for losses.
Although it was able to bring 296,000 people into its digital DirecTV Now service--which costs less--the company is still not making up for its lost subscribers. In total, regular TV subscriptions are down by 969,000 so far in 2017.
CFO John Stephens broke down AT&T's DirecTV Now additions. Half were switching from "traditional pay-TV rivals," 10% came from regular AT&T subscriptions, and the rest had never paid for a traditional TV connection.
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