AT&T (T Quote) fell short of Wall Street's earnings target for the third quarter, due to a too-strong performance from Apple's (AAPL Quote) iPhone 3G and its own weak wireline results.
The Dallas phone giant said net income rose to $3.23 billion, or 55 cents a share, in the quarter, up from $3.06 billion, or 50 cents a share, in the year-ago period. Excluding noncash merger-related amortization expenses, AT&T said it had adjusted earnings of 67 cents a share. Analysts expected the company to notch a profit of 71 cents a share, according to Thomson Reuters.
The company's earnings took a hit from the July 11 introduction of Apple's new iPhone 3G, a product for which AT&T is the exclusive authorized U.S. service provider. As part of the iPhone subsidy agreement between the two companies, AT&T's profit was cut by about $900 million, or 10 cents a share. ...
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