Turns Out, AT&T is Susceptible to Economy

Oops. Despite AT&T Inc. (T) CEO Randall Stephenson’s insistence in the first quarter that the carrier isn’t affected by a weak economy, the company is indeed showing signs of susceptibility. The nation’s largest phone company lost more landline subscribers in the second quarter of 2008 than analysts expected, presumably due to the imploded housing market. But of course, Apple iPhone sales and associated subscriber plans rocked the Kasbah, as did U-verse installations. Those sales helped perk up AT&T’s earnings, although revenue still came in lower than Wall Street had hoped.

New York Times: Earnings Rose at AT&T, but Revenue Misses Forecast

PC World: AT&T Income Growth Spurred by IPhone, Mobile Revenue

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