AT&T profit expands more than 20%; Gains net 1.3 million wireless customers
Tuesday, April 22, 2008 - 09:08 AM EST "AT&T Inc. on Tuesday reported first-quarter earnings jumped 22%, as the giant phone company added 1.3 million net wireless customers and was largely unaffected by a slowing U.S. economy," Jeffry Bartash reports for MarketWatch."Net income rose to $3.46 billion, or 57 cents a share, from $2.85 billion, or 45 cents a share, in the 2006 first quarter," Bartash reports. "Revenue increased 6.1% to $30.74 billion from $28.97 billion."
Bartash reports, "Wireless sales were up 18% to $11.8 billion. AT&T, the exclusive provider of the Apple iPhone, ended the first quarter with a nation-leading 71.4 million mobile customers."
"Some Wall Street analysts, however, were expecting the company to add as many as 1.5 million subscribers," Bartash reports. "AT&T said net additions were reduced by 330,000 customers related to the shutdown of the company's older TDMA wireless network."
Full article here.
Crayton Harrison reports for Bloomberg, "'The iPhone continues to do fairly well,' said Christopher King, an analyst at Stifel Nicolaus & Co. in Baltimore. 'What we're hearing is that ever since AT&T and Apple cut the price, every single week they've been taking market share from Verizon.' King advises holding on to the shares."
"Apple, based in Cupertino, California, introduced an iPhone model in February with additional storage capacity for music and movies. Analysts at Sanford C. Bernstein & Co. and Piper Jaffray & Co. have said they expect a new version in June that can browse the Web at faster rates. Apple said in February that it plans to sell 10 million iPhones this year," Harrison reports.
Full article here.
[Thanks to MacDailyNews Reader "Joe" for the heads up.]

Chalk it all up to AT&T;'s wide variety of Microsoft Windows Mobile based smartphones:
• BlackJack II by Samsung
• Motorola Q
• Pantech Duo
• Palm Treo 750
I would say a sizable portion or the 1.3 new subscribers are enjoying revolutionary new phones with Internet Explorer Mobile + Microsoft's mobile office apps to stay productive and in touch with their colleagues in the workplace (a.k.a. 'the real world'). On weekends they're letting their hair down and rocking some WMA format music files. You get the best of both worlds.
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