Earnings: AT&T up, Level 3 suffers

Two major carriers reported third-quarter earnings today, and there were few surprises on either front. AT&T reported net income near $3.1 billion and profit 41.5% higher than the same quarter in 2006. The launch of the iPhone and the acquisition of Bell South were the most obvious contributors to growth. It's also worth noting AT&T signed up 499,000 broadband wireline customers during the quarter and ended the reporting period with about 126,000 U-verse customers.

Meanwhile, Level 3 continued to struggle as it integrates the many acquisitions it made over the last few years. The carrier reported a $174 million loss, compared to a $138 million loss for the same quarter last year.

For more:
- MarketWatch reports on AT&T's earnings
- CNN Money has the Associated Press report on Level 3