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Cheaper wireless plans cut into AT&T's profits

Published July 23, 2014 3:00 pm

Earnings • Company's quarterly profit dips to $3.5B because of competition with T-Mobile.
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

NEW YORK • AT&T posted lower net income for the latest quarter due to cheaper cellphone plans it introduced as a response to aggressive pricing from smaller competitor T-Mobile US.

The Dallas company says it earned $3.55 billion, or 68 cents per share. That was down from $3.82 billion, or 71 cents per share, in the same quarter last year.

Excluding some one-time items, AT&T's earnings were 62 cents per share in the latest quarter, a penny shy of the average estimate of analyst polled by FactSet.



Revenue was $32.58 billion, up 1.6 percent from a year ago. Analysts polled by FactSet were expecting $32.24 billion in revenue.

AT&T, the second-largest cellphone company, is dueling with No. 4 T-Mobile US, which has shaken up the industry with innovative pricing plans.

 

 

 

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