AT&T profits down

AT&T have reported a fall in quarterly profit. While the top US telco added a net 2.1 million subscribers during the quarter, higher than the average analyst forecast for 1.9 million subscribers, investors remained concerned about a weakening wireline business.

It reported a net addition of 264,000 subscribers to its U-verse video service in the fourth quarter of 2008, bringing its total subscriber base to more than one million users and marking its best quarterly gain to date. And that was on top of the 232,000 net subscribers it added in the third quarter of last year. As a result, AT&T posted a 21.4 percent increase in IP data revenues (which include U-verse) for the year and said that IP services now account for 45.2 percent of the company’s total wireline data revenues, up from 41.5 percent a year ago. On the financial side, AT&T reported a 7.7 percent increase in profits for the year to $12.9 billion on revenues of $124 billion, with a 2.4 percent boost in fourth quarter revenues to reach $31.1 billion.

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