AT&T;’s Second-Quarter Income Edges Up 4%
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American Telephone & Telegraph Co. said its second-quarter profit rose 4% over a year ago, reflecting growth in long-distance calling and financial services.
AT&T; said it earned $961 million, or 72 cents a share, in the three months ended June 30. That compares to earnings of $928 million, or 72 cents, in the same quarter last year.
The profit in the 1991 quarter was boosted by an after-tax gain of $87 million, or 7 cents a share, from the sale of stock in computer maker Sun Microsystems Inc. Earnings per share were the same in both because AT&T; now has more shares outstanding.
Revenue rose slightly to $15.8 billion from $15.7 billion a year earlier.
“We continued to show growth in a still-sluggish economy,” Chairman Robert E. Allen said. “Equipment sales are not what we’d like, but they tend to lag economic upturns. We still expect sales of our products and services to improve later in the year.”
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