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AT&T Gets Topline Beat, But Earnings Miss

NEW YORK ( TheStreet) -- AT&T (T - Get Report) beat analysts' topline forecast in its second-quarter results, released after market close, although the company's earnings dipped below consensus expectations.

The telecom giant brought in revenue of $32.1 billion, up from $31.58 billion in the prior year's quarter and above Wall Street's consensus estimate of $31.8 billion.

Excluding special items, however, AT&T earned 67 cents a share, up from 66 cents in the same period last year, but below the consensus estimate of 68 cents a share. AT&T's operating expenses rose to $26 billion from $24.8 billion in the second quarter of 2012.

Investors were underwhelmed by the numbers, pushing AT&T's shares down 1% to $35.5 in extended trading.

AT&T nonetheless cited strong growth in second-quarter wireless revenue, which 5.7% compared from a year earlier. The Apple (AAPL - Get Report) and Samsung partner also added 1.2 million new smartphone subscribers.

During the second quarter, AT&T added 551,000 new postpaid wireless subscribers, its best second-quarter postpaid net adds in four years. Rival Verizon (VZ - Get Report), however, added 941,000 new postpaid subscribers when it reported its own second-quarter results last week.

--Written by James Rogers in New York.

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