AT&T profit, revenue slip in Q1

AT&T reported a drop in net income for the second straight quarter, as well as a slight decline in revenue, as the telco giant posted its first-quarter earnings report Wednesday. AT&T still profited to the tune of $3.2 billion, but that was a 9 percent slide from the same quarter last year. The telco had reported a 23 percent drop in net income for the fourth quarter of 2008, but the first-quarter number was well ahead of that period's $2.4 billion profit. Meanwhile, revenue for the first quarter came in at $30.57 billion, a decline of less than 1 percent from the same quarter last year.

Wireless, broadband and TV services continued to be growth engines for the company as wireless revenue was up 10 percent to $11.6 billion, which included a 39 percent jump in revenue from wireless data. The company also added 284,000 U-verse TV customers during the quarter and now has 1.3 million TV customers overall. In both wireless and TV markets, AT&T continues to erase concerns that the overall economic crisis would soften its results in these areas.

Still, landline business challenges appear to be worsening, if anything, as AT&T reported a 12 percent drop in landline voice revenue to $8.5 billion.

For more:
- MarketWatch has this report
- 24/7 Wall Street has this post

Related articles
AT&T's profit was down 23 percent in the fourth quarter of 2008
Here's what analysts had been expecting for AT&T's first quarter

Suggested Articles

LF Edge, an umbrella organization that's part of the Linux Foundation, announced the second release of its Akraino Edge Stack.

Chris Young is leaving his role as CEO of cybersecurity firm McAfee to become a senior advisor with TPG Capital, which has a majority stake in McAfee.

CenturyLink wins a $1.6 billion contract with the U.S. Department of Interior to upgrade its network services and modernize its IT solutions.