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AT&T Reports Higher Q2 Profit (T)

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AT&T Inc. (NYSE:T) today reported a higher profit in its second quarter as it held on to subscribers.

For the second quarter of 2012, the Dallas, Texas-based company reported net income of $3.9 billion, or $0.66 per share, representing an increase of 8.7% over the same period last year. Second-quarter earnings beat consensus forecast of $0.63 per share.

AT&T’s postpaid churn rate was at a record low of 0.97% in the second quarter. This was despite the fact that the company made several controversial changes to its policies such as increasing the costs of its data plans, and doubling the upgrade fee for new phones.

CFO John Stephens said that 27 million smartphone customers are now subscribed to AT&T’s tiered data plans.

AT&T’s revenue for the second quarter was $31.6 billion, slightly below the consensus forecast of $31.7 billion.

During the second quarter, the company sold 5.1 million smartphones and added 320,000 postpaid subscribers. The company’s average monthly revenue per subscriber rose 1.7% to $64.93.

AT&T stock fell more than 2% in regular trading session to finish at $34.63. The stock extended its losses in after-hours trading, falling another 0.38%.

 

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