New York: AT&T says its earnings fell 15% in the second quarter as it subsidized a record-setting launch of a new iPhone model. The weak economy also continued to sap its landline business.
The profit beat Wall Street estimates, however.
The country’s largest telecommunications provider said Thursday it earned $3.20 billion, or 54 cents per share, in the April to June period. That’s down from $3.77 billion, or 63 cents per share, a year earlier.
Analysts polled by Thomson Reuters were expecting earnings of 51 cents per share.
AT&T’s revenue fell 0.6% to $30.7 billion, matching analyst expectations.
AT&T activated more than 2.4 million iPhones in the quarter, and more than a third of those activations for customers who were new to the carrier.