AT&T (NYSE: T) is expected to report Q2 earnings on July 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 expand 0.8% and EPS will increase 3.0%.

The average estimate for revenue is $31.84 billion. On the bottom line, the average EPS estimate is $0.68.

Revenue details
Last quarter, AT&T booked revenue of $31.36 billion. GAAP reported sales were 1.5% lower than the prior-year quarter's $31.82 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 $0.64. GAAP EPS of $0.67 for Q1 were 12% higher than the prior-year quarter's $0.60 per share.

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 60.0%, 30 basis points better than the prior-year quarter. Operating margin was 18.9%, 30 basis points worse than the prior-year quarter. Net margin was 11.8%, 50 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $128.32 billion. The average EPS estimate is $2.50.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 5,429 members out of 5,888 rating the stock outperform, and 459 members rating it underperform. Among 1,213 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,145 give AT&T a green thumbs-up, and 68 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 $36.39.

Can your portfolio provide you with enough income to last through retirement? You'll need more than AT&T. Learn how to maximize your investment income and "Secure Your Future With 9 Rock-Solid Dividend Stocks." Click here for instant access to this free report.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.