AT&T Downplays Damage From Economic Slowdown
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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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WASHINGTON  - AT&T Corp. on Thursday reported a $7.1 billion third-quarter loss due to an $11.4 billion writedown of its assets after its retreat from consumer services and other restructuring charges.
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AT&T's wireless data networks in the Southeast and Midwest U.S. were down today.
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AT&T Inc. customers in the Midwest and Southeast with Web-enabled smart phones lost some service Thursday.
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The U.S. economy grew at a softer pace than first estimated in the final three months of last year as businesses slowed production to work off inventories and consumers spent less.
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AT&T Corp., the No. 4 U.S. telephone company, said on Thursday its fourth-quarter earnings increased due to cost-cutting through job cuts and a tax benefit from the writedown of its assets.
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AT&T Corp. T.N, the No. 4 U.S.  telephone company, said on Thursday its fourth-quarter earnings  increased as it cut costs through slashing jobs and lower  equipment expenses.
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Growth in business activity in the   U.S. Midwest slowed slightly in August, a report showed on   Thursday, but the data may signal the economy is in recession.
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U.S. telephone and cable companies saw the growth of high-speed Internet services slow in the second quarter to the lowest rate in a year, an industry research firm said on Tuesday.
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AT&amp;T Corp. (TN: Quote, Profile, Research) 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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While the U.S. economy is at some  risk of a slowdown, it will probably avoid a recession, and any  downturn is unlikely to be severe, Dallas Fed President Richard  Fisher said on Thursday.
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The drop in initial jobless claims points to resilient labor market even as the economy slows.
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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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AT&T Inc. earned $3.1 billion in the fourth quarter as its wireless and broadband businesses did well, a trend the nation's largest telecommunications company said would help it keep growing even in a sputtering economy.
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Its rate cuts haven't been aggressive enough to boost the economy, say some analysts.
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The economy limped ahead at just a 0.7 percent pace in the first quarter, the slowest in more than four years. Some businesses clamped down on spending, given the uncertainties about the severity of the housing slump.
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Investors on Friday cheered a decision by AT&amp;T, the largest US provider of long-distance service, to eliminate more than 20 percent of its work force this year and write off $11.