AT&T; Inc. T, -2.05% reported Wednesday fourth-quarter profit and revenue that fell less than expected, amid strength in postpaid phone adds and HBO Max activations. The stock fell 2.6% in premarket trading, after running up 3.2% the past three days. The telecommunications and media giant swung to a net loss of $13.52 billion, or $1.95 a share, from net income of $2.70 billion, or 33 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share fell to 75 cents from 89 cents but topped the FactSet consensus of 73 cents. Revenue declined 2.4% to $45.69 billion but beat the FactSet consensus of $42.34 billion. Postpaid phone net adds totaled 800,000 and postpaid net adds were 1.2 million, while churn of 0.76% was the second lowest ever for a quarter. HBO Max activations were 17.2 million as of the end of the quarter, or double since the end of the third quarter. For 2021, the company expects adjusted EPS to be "stable" relative to 2020, while the FactSet consensus of $3.18 matched 2020 results. The stock has gained 10.5% over the past three months through Tuesday, while the SPDR Communication Services Select Sector ETF XLC, -3.23% has rallied 14.8% and the S&P; 500 SPX, -2.57% has advanced 13.5%.