AT&T profit rises on wireless, iPhone disappoints
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AT&T Inc.  on Tuesday posted higher-than-expected quarterly profit on strong wireless subscriber growth, but results of the first two days of iPhone sales fell short of forecasts.
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By Bloomberg News. Cingular Wireless, which is buying AT&amp;T Wireless, said yesterday that third-quarter sales rose 4.9 percent, to $4.
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Top telecommunications service  provider AT&T Inc.  on Tuesday said its profit and revenue  grew on an adjusted basis, helped by strong growth in its  wireless business.
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AT&T reported strong fourth-quarter earnings, with net income rising 63 percent, due in large part to the growth in wireless communications.
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AT&T Inc.  on Tuesday posted  higher quarterly profit, bolstered by strong growth in wireless  and high-speed Internet services.
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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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InfoWorld - AT&T's revenue was up 2.9 percent in the fourth quarter of 2007, largely driven by increases in mobile phone and broadband customers, the company said Thursday.
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Cingular Wireless on Wednesday said record new subscribers drove revenue higher in the third quarter, but blamed a decline in operating profit on increased costs to gain customers and from its pending merger with AT&amp;T Wireless Services Inc.
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Verizon Communications Inc  said  on Monday its third quarter profit fell but revenue rose on  growth in its wireless venture and higher high-speed Internet  subscriptions.
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Telecommunications giants AT&T Inc.   and Verizon Communications Inc.  are expected to  report solid second-quarter earnings, buoyed by growth in  wireless and Internet subscribers.
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AT&T Inc  on Thursday posted a higher quarterly profit as strength in its wireless business offset weakness in traditional consumer services.
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Wireless chip developer Qualcomm Inc.   on Wednesday reported a 15 percent rise in  third-quarter net profit, but shares fell more than 7 percent  after it forecast fourth-quarter revenue lower than some  analysts' estimates.
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Motorola Inc., the world's No. 2 maker of cell phones, on Tuesday said its quarterly profit more than tripled, but growth in handset volumes disappointed Wall Street and its shares fell 4.5 percent.
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AT&T Inc  on Thursday posted  stronger-than-expected wireless growth in the fourth quarter  and reiterated its 2008 outlook, easing investor concerns that  U.S. economic weakness would hurt its profit.
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Net income increase 41%, revenue nearly doubles AT&amp;T posted a 41 per cent profit increase in the third quarter, largely attributed to iPhone sales.â¦
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Just how much will the iPhone boost AT&T's business?
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Despite a dip in profits, growing revenues from wireless subscribers pushed overall profits above forecasts.