It seems an earnings beat, raised profit guidance, and bigger stock buybacks aren't quite enough for AT&T investors on Wednesday.

AT&T stock fell nearly 6% in premarket trading after the telecommunications giant reported third-quarter results.

Revenue rose 5.3% to $32.3 billion, beating estimates of $31.69 billion, according to analysts surveyed by FactSet. Adjusted earnings per share of 65 cents also topped analysts' estimates of 60 cents.

AT&T said it sees adjusted EPS in the $2.40 range for 2026, ahead of the $2.25 to $2.35 range it guided in July.

There's more for investors to be happy about, too, including stock buybacks.

"The accelerated growth we delivered this quarter shows our structural advantages to lead the next era of connectivity," CEO John Stanley said in a statement. "We are accelerating the pace of our planned share repurchases this year to approximately $10 billion, reflecting our confidence in our market position."