Why American Tower Stock Is Sinking Today

Core Insights - American Tower's stock is experiencing a decline despite positive third-quarter results and an increase in full-year guidance [1][2][8] Financial Performance - The company reported non-GAAP adjusted funds from operations (AFFO) of $2.78 per share on revenue of $2.72 billion for Q3, exceeding Wall Street expectations by $0.32 and $60 million respectively [4][9] - Total revenue increased by 7.7% year-over-year, while total property revenue rose by 5.9% compared to the same quarter last year [5] - AFFO grew by 5.3% year-over-year, amounting to approximately $1.3 billion [5] Guidance and Future Outlook - American Tower raised its full-year property revenue guidance to a range of $10.21 billion to $10.29 billion, reflecting a $40 million increase at the midpoint [6] - The new AFFO guidance for common stockholders is projected between $10.60 and $10.72 per share, indicating a $0.10-per-share improvement over previous forecasts [7] Market Reaction - Despite the positive earnings report and raised guidance, the stock is down 3.5% as some investors anticipated stronger performance due to significant investments in data center technologies [1][8]