AT&amp;T posts $7.1bn loss for third quarter
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AT&amp;T on Thursday reported a $7.1bn third-quarter loss because of an $11.4bn writedown of its assets after its retreat from consumer services and other restructuring charges.
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Reported profit of $44 million for third quarter over a loss of $31 million a year ago and predicts 10% increase in sales for the 4th quarter.
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Sprint Corp. reported Tuesday a $1.91 billion net loss for the third quarter, due to a previously announced re-evaluation of its long distance network assets, but beat analysts' expectations for the quarter.
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IT services provider Electronic Data Systems yesterday reported a net loss of $153 million for the third quarter, with earnings hit in part by an asset impairment charge of $375 million connected with EDS's N/MCI project.
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Advanced Micro Devices Inc , the world's second-largest maker of computer microprocessors, on Thursday posted a wider quarterly net loss due to a $1.68 billion charge related to its purchase of graphics chipmaker ATI.
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Between them, the three carriers have cut back the value of their long distance networks by $18.4 billion (AT&amp;T&#39;s writedown was $11.
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AT&amp;T Corp. (TN: Quote, Profile, Research) , the No. 3 US telephone company, on Thursday reported a $7.1 billion third-quarter loss due to $12.
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MCI (MCI), one of the nation&#39;s biggest long-distance operators, lost $3.4 billion in the third quarter because of a previously announced asset writedown of $3.
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Still carrying the weight of costs related to last year&#39;s&#160;acquisition of graphics vendor ATI, AMD recorded its fourth straight quarter of net losses Thursday.The company reported a net loss of $396 million, or $0.71 per share, for the third quarter, compared to net income of $136 million for the year-earlier quarter. Analysts polled by Thomson Financial had estimated a loss of $0.62 per share. The loss included a $120 million charge related to its acquisition of ATI last year.AMD recorded third-quarter revenue of $1.632 billion for the quarter ending Sept. 29, an 18 percent year-over-year increase.The company sold a record number of microprocessors during the quarter, AMD said in a news release. Microprocessor unit shipments increased 19 percent year-over-year and mobile processor shipments increased 68 percent, AMD said.After months of delays,&#160;AMD finally released its latest quad-core Barcelona processor in September.&#160;AMD is locked in a quad-core chip battle with Intel, which shipped more than 2 million quad-core processors during the quarter, Intel said in its earnings call on Tuesday.AMD has already lost ground in the market for server chips to Intel in recent quarters. AMD&#39;s quad-core Opteron processor, also called Barcelona, opened up a revenue stream for company during the quarter, the company said.
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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.AT&amp;T nearly doubled its revenue from a year ago, going from $15.6 billion to $30.1 billion, but those 2006 numbers don&#39;t factor in the BellSouth acquisition and revenue from Cingular Wireless, which AT&amp;T and BellSouth co-owned. The BellSouth deal closed Dec. 29, 2006.AT&amp;T&#39;s revenue was up 3.2 percent from the combined revenue from AT&amp;T, BellSouth, and Cingular in the third quarter of 2006. Comparable earnings per share were $0.50 compared to $0.56 the third quarter of 2006.AT&amp;T&#39;s adjusted third-quarter earnings, which exclude costs and accounting effects associated with the acquisition, were $4.3 billion, or $0.71 per diluted share, up from $2.4 billion, or $0.63 per diluted share, in the third quarter of 2006.AT&amp;T&#39;s third-quarter results were &quot;excellent,&quot; Randall Stephenson, AT&amp;T chairman and CEO, said in a statement. Stephenson cited growth in wireless, broadband, and U-verse TV customers as the reason for a strong quarter.AT&amp;T&#39;s renamed wireless division saw an increase in 2 million customers in the quarter, the company said. The company&#39;s wireless division now has 65.7 million subscribers.AT&amp;T&#39;s merger integration efforts are on schedule, the company said, and cost savings are running ahead of the original estimates. In the first three quarters of 2007, cost savings from the BellSouth merger were about $2.8 billion, and AT&amp;T expects those savings to reach more than $3 billion for the year.Wireless data revenue increased 63.9 percent from last year, driven by increases in consumer and business data usage, including messaging, media bundles, laptop connectivity, and smart phone connectivity, AT&amp;T said.In the broadband space, AT&amp;T&#39;s connections, including DSL (Digital Subscriber Line), AT&amp;T U-verse, and satellite broadband services, increased by 499,000 in the quarter to reach 13.8 million. That&#39;s up 2.2 million, or 18.6 percent, over the past year.
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The telecommunications giant finished its first full year as a merged company with a net loss of 3.52 billion euros, or $5.1 billion, mostly on charges, and it predicted a loss for the current quarter.
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AT&T Corp. on Thursday reported a net loss of $7.1 billion, or $8.95 per share, for the third quarter of 2004, but that loss included asset re-evaluation and other charges of $12.5 billion.
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AT&T Corp.  will cut about 7,000 jobs and reduce the value of its assets by &#36;11.4 billion due to its retreat from traditional consumer telephone services, the company said on Thursday.
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Losses ballooned to $207.3 million for the third quarter, driven by lower extended warranty sales and restructuring costs.
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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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MCI Inc. yesterday reported a loss of $3.4 billion during its third quarter, reflecting its recent decision to write down the value of its telecommunications network.
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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.