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What happened: AT&T (T) stock sank more than 3% on Wednesday.

What’s behind the stock move: The wireless provider posted better-than-expected revenue and profit in the first quarter as it leaned into its strategy of selling customers internet and phone service bundled together. But wireless service revenue, which grew less than 2% year on year to roughly $16.94 billion, came in light of expectations. JPMorgan analysts said they expected $17.02 billion.

What else you need to know: AT&T expanded its fiber business footprint with the acquisition of Lumen Technologies (LUMN) last year.

Still, the stock has risen only about 2% year to date, as the company has had to offer strong perks to attract customers in recent months amid a hotly competitive mobile market.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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