With their T stock falling 0.5% in Tuesday trading, American telecommunications company AT&T has incurred their longest losing streak since the period ended January 15th, 2010. Tuesday’s decline marks the ninth consecutive week that the company’s shares have seen no improvement.
Verizon Communications Inc. found themselves in a similar unfortunate position. Their stock also fell hard by 0.1%, and it was the sixth day in a row that they’d suffered a loss—its longest losing streak since July 23rd, 2019.
The main reason for the plummeting stocks in the telecommunications industry is the launch of Apple’s iPhone 12, which prompted both AT&T and Verizon to engage in abnormally large promotional efforts.
With the COVID-19 pandemic threatening the financial success of AT&T’s WarnerMedia Film and advertising divisions, the company has started to rely increasingly on its cellular solutions to generate profit.
As such, the wireless phone provider is offering iPhone 12 subsidies to both new and existing customers in the hopes of retaining a loyal fanbase.
AT&T also finds themselves in a battle to retain customer loyalty, with T-Mobile boasting its own 5G network following its acquisition of Sprint.
