AT&T Posts $7.1 Billion Loss
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AT&T Corp. T.N, the No. 3 U.S.  telephone company, on Thursday reported a $7.1 billion  third-quarter loss due to $12.5 billion in charges for cutting  asset values and jobs as it retreats from consumer services.
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AT&amp;T Corp. announced Thursday that it is cutting at least 7,500 more jobs and slashing the value of its assets by $11.4 billion, drastic moves prompted by the company&#39;s plan to retreat from the traditional consumer telephone business.
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The carrier said it was hampered by high fuel prices in the fourth quarter but was able to post a narrower loss, $70 million compared to a loss of $1.98 billion a year earlier,  on a solid increase in sales.
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The staggering losses, the worst in the firmâs history, were fueled by write-downs totaling $16.7 billion.
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Qwest Communications International Inc. on Thursday reported a third-quarter loss, citing charges and lower revenue. The provider of voice, video and data services posted a quarterly loss of $569 million, or
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AT&T Corp. T.N will cut about  7,000 jobs and reduce the value of its assets by $11.4 billion  due to its retreat from traditional consumer telephone  services, the company said on Thursday.
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ZDNet&#39;s survey of IT professionals in August kept Wired &amp; Wireless on top for the 18th month in a row. AT&amp;T will cut about 7,000 jobs and reduce the value of its assets by $11.
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AT&amp;T Corp. announced yesterday that it is cutting at least 7,500 more jobs and slashing the value of its assets by $11.4 billion, drastic moves prompted by the company&#39;s plan
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US mobile firm Cingular is laying off 7,000 people, or ten per cent of its workforce, as part of its integration of AT&amp;T&#39;s wireless unit.
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AT&amp;T&#160;reported net income of $3.1 billion for the third quarter of 2007, up from $2.2 billion a year earlier, largely due to its&#160;acquisition of BellSouth.
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AT&T Corp. on Thursday reported a &#36;7.1 billion third-quarter loss due to an &#36;11.4 billion writedown of its assets after its retreat from consumer services and other restructuring charges.
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The loss of $8.95 per share was atributed to charges related to the company's retreat from traditional telephone services.
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NEW YORK, Oct. 21 -- AT&T Corp. reported a third-quarter loss of $7.12 billion Thursday because of huge charges resulting from the company's retreat from traditional telephone services, which included at least 7,500 more job cuts and a write-down in the value of the company's long-distance network.
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Plus: AT&#38;T posts $7.1 billion loss...Lucent sees first profitable year since 2000...EMC issues sunny report...IBM net income inches higher, despite legal bill.
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NEW YORK -- AT&amp;T Corp. is cutting 7,400 more jobs and slashing the book value of its assets by $11.4 billion, drastic moves prompted by the company's plan to retreat from the traditional consumer telephone business.
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Chip maker Advanced Micro Devices Inc.  on Tuesday reported a quarterly loss from a year-earlier profit following a reduced forecast it gave last week.
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AT&amp;T Corp. swung to a third-quarter loss of $7.12 billion due to huge charges from the company&#39;s retreat from traditional telephone services, which included at least 7,500 more job cuts and a writedown in the value of the company&#39;s long-distance network.