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Friday, Jul. 24, 1998
Business Briefs
AT&T profits rise 20%, but revenues up just 1%
From Staff Writer wire services
NEW YORK - AT&T Corp. on Thursday reported a 20 percent profit gain in the second quarter. But revenues grew by only 1 percent - dragged down by a 3.7 percent drop in the company's sales of long-distance phone calls to consumers.
The company reported it earned $1.15 billion, or 71 cents a share on a diluted basis, in the quarter ended June 30. That was up from a profit of $959 million, or 59 cents a diluted share, in last year's second quarter. Revenue edged up to $12.86 billion from $12.73 billion as gains in business sales partially offset a further drop in long-distance sales to consumers.
AT&T tied its 20 percent profit gain to cost-cutting, one-time charges and slightly higher sales fueled by stronger demand for its business services.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web