Post market close on April 26th, AT&T reported first quarter adjusted earnings per share of $0.72. This represents a year over year increase of 10.8%, and exceeded analyst estimates of $0.69. They reported Revenue of $40.54 billion, up 24% year over year- largely attributed to the acquisition of DIRECTV in July of 2015. They continue to show margin growth, reporting an operating margin of 17.6%, up from 17.1%, with margin expansion in every domestic business segment. Operating cash flows were up more than $1 billion from Q1 2015, reporting free cash flow of $3.2 billion, representing a year over year increase of 17%. They reported operating expenses of $33.4 billion, up from $27 billion in the same quarter last year. Operating income was reported at $7.1 billion, up 28% from Q1 2015. Despite an otherwise successful quarter, the wireless business lost 363,000 mainstream phone connections, exceeding the 200,000 mainstream phone loss that had been expected. They also lost 54,000 video subscribers, even with gains at DIRECTV. The stock opened the following day slightly lower at $37.95, but hit an intra-day high at $38.89, and then ended the day at $38.73.