AT&T Hits Profit Target, but Revenue Light

Updated from 10:49 a.m. EDT

AT&T (T Quote) reported strong second-quarter growth in its wireless division, but overall revenue came up short of expectations following a weak showing by the company's wireline segment.

The U.S. phone giant said net income rose to $3.8 billion, or 63 cents a share, in the quarter, up from $2.9 billion, or 47 cents a share, in the year-ago period. Excluding noncash merger-related amortization expenses, AT&T said it had adjusted earnings of 76 cents a share, matching the Thomson Reuters average estimate of polled analysts.

Second-quarter revenue came in at $30.9 billion, up 4.7% from the year-ago quarter but shy of Wall Street's prediction of $31.1 billion. ...