Skip navigation

Current DateTime: 09:49:26 04 Jul 2009
LinksList Documentid: 24355697
  • Collection of Michael Jackson

      Earlier this year, Jackson sought to auction his personal items. Although it never came through, here's a look at what was almost sold.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.

  • How Much For A T-Bone Steak?

      From the cost of a T-bone steak to a monthly phone bill, the price for everyday items can vary dramatically across the country.


Current DateTime: 09:49:26 04 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

AT&T Profit Rises on Wireless Growth
By: Reuters | 23 Jul 2008 | 09:27 AM ET
Text Size

Top U.S. phone company AT&T posted Wednesday a higher quarterly profit as stronger-than-expected growth in wireless subscribers compensated for shrinking traditional landlines.

Earnings Central
Click for more earnings info

The results pushed AT&T shares up 2.5 percent, though analysts said they remained worried about the fall in home phone lines and also pointed to weaker-than-expected growth in high-speed Internet subscribers in the second quarter.

"The access line loss was worse than expected," said Todd Rethemeier, analyst at Soleil-Sur Terre Research.

"It's an accelerating loss from the second quarter of last year."

AT&T's [T  Loading...      ()   ] primary consumer access lines fell 8.7 percent from a year ago, while its high-speed Internet users increased by 46,000 during the quarter to 14.7 million.

"The broadband customer additions fell off a cliff," Rethemeier said.

"They added almost 500,000 in the first quarter of this year. The second quarter is always seasonally weak, but we were still expecting 300,000," he said.

Second-quarter profit rose to $3.8 billion, or 63 cents a share, from $2.9 billion, or 47 cents a share, a year earlier.

Excluding special items such as merger-related costs, profit was 76 cents a share, in line with the average Wall Street forecast, according to Reuters Estimates.

Quarterly revenue rose 4.7 percent to $30.9 billion.

AT&T, the exclusive U.S. carrier for Apple's [AAPL  Loading...      ()   ] iPhone, said it added more than 1.3 million net wireless subscribers in the quarter.

That was above the average forecast for 1.25 million additions by seven analysts surveyed by Reuters.

Both AT&T and rival Verizon Communications [VZ  Loading...      ()   ] have banked on growth in mobile phone users and invested in high-speed Internet services to retain customers.

AT&T shares rose to $32.60 in pre-market trade from their New York Stock Exchange close on Tuesday of $31.82.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon


Current DateTime: 01:06:02 04 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 01:01:47 04 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 01:06:02 04 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:01:47 04 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters