AT&T 3Q Profits Nearly Double

AT&T Inc., the nation’s largest telecom company, on Tuesday reported third-quarter profits of $3.1 billion, or 50 cents per share.

That’s compared to $2.2 billion during the same period a year ago; however, shares at that time totaled 56 cents apiece because there were fewer shares outstanding.

Revenue nearly doubled from the third quarter of 2006, reaching $30.1 billion as compared to $15.6 billion.

AT&T’s gains were impressive, due in part to iPhone sales. The biggest reason, though, was that the company has completed the merger of BellSouth, which included the full assimilation of the once jointly owned Cingular Wireless. Indeed, wireless revenue helped boost AT&T’s wireless revenue by 14.4 percent. Two million new subscribers signed on during the first full quarter since the release of Apple Inc.’s iPhone. AT&T now claims a total of 65.7 million subscribers.

AT&T Inc. www.att.com

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