AT&T Beats Estimates on Smartphone Sales Boost

NEW YORK (TheStreet) -- AT&T (T) third-quarter earnings were aided by the strength in smartphone sales, as the company managed to beat Wall Street earnings estimates.

The Dallas-based AT&T earned 66 cents per share on $32.16 billion in revenue, excluding gains from spectrum sales. Analysts surveyed by Thomson Reuters were expecting 65 cents per share on $32.19 billion in sales.

The company noted that wireless revenues were up 5.1% year-over-year, to $17.5 billion. Wireless service revenues accounted for $15.5 billion, with wireless data revenue rising 17.6% year-over-year to $5.5 billion.

The company added nearly 1 million net subscribers added, with 363,000 wireless postpaid net adds during the quarter. There were 1.2 million new smartphone subscribers added, with smartphones accounting for 89% of postpaid phone sales.

"We're setting the standard for 4G LTE speeds and network reliability. Our fiber and U-verse expansion projects are ahead of schedule bringing high-speed broadband to millions more customers," said Randall Stephenson, AT&T chairman and CEO. ¿With these initiatives, we¿re seeing excellent growth across our major platforms, mobility, U-verse and strategic business services."

Shares of AT&T closed the session higher, gaining 0.11%to finish at $35.27.

--Written by Chris Ciaccia in New York

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