Update: AT&T Beats Expectations
Tim Arango
07/25/00 - 08:11 PM EDT
Updated from 11:41 a.m. EDT AT&T (T Quote) beat analysts' expectations Tuesday when it reported quarterly earnings.
The New York-based telecommunications giant said second-quarter earnings were 57 cents per share, on an operational basis, up 8 cents from the 49 cents reported in the year-ago period. Its earnings were $1.9 billion, compared with $1.6 billion earned in the same period last year.
Wall Street analysts expected the company to report 53 cents a share, according to research firm
First Call/Thomson Financial.
AT&T finished Tuesday regular trading up 1/2, or 1.5%, at 33 13/16.
On a reported basis, AT&T said earnings per share were 53 cents, compared to 49 cents a year ago.
Revenue increased 4.5% to $16.221 billion from $15.752 billion in last year's second quarter. This includes gains from its
MediaOne and
IBM Global Network acquisitions.
The company's business services, wireless services and broadband units all reported revenue gains, the company said.
Revenue in the company's wireless division grew 32% as it expanded into four new major markets. And with the completion of the MediaOne
acquisition on June 15, AT&T became the country's largest broadband video company, with about 27.9 million homes.
