“AT&T Inc. on Thursday said fourth-quarter earnings jumped almost 62%, boosted by acquisitions and the addition of an industry record 2.7 million net mobile customers,” Jeffry Bartash reports for MarketWatch.
“The nation’s largest wireline and wireless phone carrier also reaffirmed its expectation of continued strong growth in 2008, indicating that a slower U.S. economy has not undermined growth,” Bartash reports.
“In the final three months of 2007, meanwhile, AT&T said net profit rose 61.8% to $3.14 billion, or 51 cents a share,” Bartash reports. “Revenue rose 91% to $30.35 billion from $15.9 billion a year earlier, mostly due to wireless growth and the inclusion of BellSouth sales. BellSouth was acquired in December 2006.”
“Wireless revenue rose 16.3% to $11.4 billion. AT&T, the exclusive provider of the Apple iPhone, ended the fourth quarter with a nation-leading 70.1 million mobile customers,” Bartash reports.
“AT&T achieved its record increase in net wireless customers in large part due to its exclusive right to distribute the popular iPhone by Apple Inc. About 2.3 million people bought an iPhone in the final three months of the year, Apple said Tuesday,” Bartash reports. “The carrier’s gain likely came largely at the expense of Sprint Nextel Corp. , which has been losing customers owing to poorer customer service and a less exciting roster of wireless phones. The iPhone has also helped AT&T maintain its lead over Verizon Wireless, the nation’s No. 2 mobile carrier.”
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