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AT&T growth spurred by iPhone

AT&T reported growth in both its net income and revenue, with interest in Apple’s iPhone spurring strong mobile and mobile data numbers.

“AT&T Inc. reported second-quarter financial results today that contained signs that the weak economy is catching up to its previously steady results, but investors were pleased,” reports the Houston Chronicle.

“The nation’s largest telecommunications company has had its stock hammered in the last few months by the expectation that economic conditions are catching up to it. The latest results affirmed that, as the company slightly missed analyst revenue expectations and reported an accelerating loss of landline subscribers.”

“However, investors were apparently expecting worse, and sent AT&T’s shares up $1.22, or 3.9 percent, to $32.90 in pre-market trading.  AT&T said sales of Apple’s second-generation iPhone, for which it is the exclusive U.S. carrier, doubled those of the first iPhone model in the first 12 days of selling.”

“The latest iPhone went on sale July 11, after the end of the second quarter on June 30, so those sales are not part of the financial results reported Wednesday. AT&T said 40 percent of buyers were new to AT&T.”

“Excluding merger-related one-time charges, AT&T said it earned 76 cents a share. That matched the average estimate by analysts polled by Thomson Financial.  AT&T earned $3.77 billion, or 63 cents per share, in the three months ended June 30, up from $2.90 billion, or 47 cents per share, in the same period a year ago.  Revenue rose 4.7 percent to $30.9 billion. Analysts expected $31.1 billion in revenue, according to Thomson.”

Full article here.

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