AT&T (NYSE: T) is expected to report Q1 earnings on April 23. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict AT&T's revenues will wane -0.3% and EPS will grow 6.7%.

The average estimate for revenue is $31.73 billion. On the bottom line, the average EPS estimate is $0.64.

Revenue details
Last quarter, AT&T booked revenue of $32.58 billion. GAAP reported sales were 0.2% higher than the prior-year quarter's $32.50 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at $0.44. GAAP EPS were -$0.68 for Q4 compared to -$1.13 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 47.2%, 170 basis points worse than the prior-year quarter. Operating margin was -18.3%, much worse than the prior-year quarter. Net margin was -11.8%, 870 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $129.02 billion. The average EPS estimate is $2.53.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 5,403 members out of 5,861 rating the stock outperform, and 458 members rating it underperform. Among 1,321 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,249 give AT&T a green thumbs-up, and 72 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on AT&T is hold, with an average price target of $36.72.

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