How did T's Q4 earnings surprise impact investor sentiment?

**AT&T's Q4 earnings surprise had a negative impact on investor sentiment**, as evidenced by the following points:

1. **Earnings Per Share (EPS) Surprise**: The EPS surprise for Q4 2024 was $0.03, which is a decrease of 6.85% from the previous quarter's EPS surprise of $0.05. This decline in EPS surprise indicates a potential downturn in the company's profitability, which likely contributed to negative investor sentiment.

|code|Ticker|Name|Date|Revenue Surprise|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|T|T.N|AT&T|2024 Q1|1.378E9|0.47|169|
|T|T.N|AT&T|2024 Q2|-1.8E8|0.49|169|
|T|T.N|AT&T|2024 Q3|-2.4E8|-0.03|169|
|T|T.N|AT&T|2024 Q4|3.58E8|0.56|169|

2. **Revenue and Profitability**: Although AT&T's adjusted EBITDA increased by 3.4% year-over-year, driven by growth in mobility, consumer wireline, and Mexico, the overall revenue guidance for FY 2024 was slightly negative. This, coupled with a decline in EPS, suggests that the company is facing challenges that could affect its long-term financial health, leading to concerns among investors.
3. **Investor Sentiment Indicators**: The company's updated FY 2024 earnings guidance fell short of the consensus estimate, which could have further dampened investor confidence. Additionally, the fact that AT&T had to update its earnings guidance downward may have led to questions about the company's financial forecasting abilities, adding to the negative sentiment.
4. **Market Reaction**: The market's reaction to the earnings report was muted, with the stock price remaining at $26.64. However, the overall negative tone of the earnings call highlights and the updated earnings guidance may have led to a decline in investor optimism about the company's future prospects.

In conclusion, while AT&T's Q4 earnings surprise may not have been a significant negative event on its own, the combination of a declining EPS surprise, negative revenue guidance, and concerns about the company's financial forecasting abilities likely contributed to a negative impact on investor sentiment.