AT&T Inc on Tuesday posted higher-than-expected quarterly profit on strong wireless subscriber growth, but results of the first two days of iPhone sales fell short of forecasts. The iPhone results sent A&T stock down slightly, but shares of Apple Inc, which makes the eagerly anticipated device, fell as much as 5 percent.
AT&T, the sole US service provider for Apple's first phone, said it had activated 146,000 iPhone subscribers in the first two days after launch on June 29. AT&T, the top US telecommunications service provider, said second-quarter net profit rose 61 percent to $2.9 billion, or 47 cents a share, from $1.8 billion, or 46 cents a share, a year earlier.
On an adjusted basis, which excludes costs and accounting effects from acquisitions, profit rose to 70 cents per share from 58 cents. That beat the average analyst forecast of 67 cents, according to Reuters Estimates. Revenue rose to $29.5 billion from $15.8 billion. Adjusted revenue, which combines sales from AT&T, BellSouth and Cingular Wireless in both periods, rose 2 percent to $29.8 billion, in line with market expectations.
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