AT&T Sees 45% Profit Increase In Fourth Quarter - InformationWeek

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AT&T Sees 45% Profit Increase In Fourth Quarter

Cost cuts and strong demand for its wireless business pushedAT&T's fourth-quarter profits up 45%. The telecommunicationsgiant reported net income of $2 billion, or $1.12 cents ashare. This includes a one-time pre-tax $313 million benefitdue to pension settlements and the adoption of a newaccounting standard. Revenue for the quarter was up 4.8% to$13.5 billion year-over-year.

Total revenue for wireless services was up 25% to $302million compared with the same period last year. Businessservices revenue gained $259 million, or 4.7%, compared withthe fourth quarter of 1997. Revenue from consumer serviceswas down $206 million, or $3.6%, from the comparablequarter. AT&T Solutions revenue was up 34.4% to $322 millionfrom the comparable quarter. AT&T WorldNet and other onlineservices revenue was up 59.8% to $108 million year-over-year.

For the year, AT&T reported revenue of $53.2 billion,compared with $51.5 billion year-over-year. Net income fromcontinuing operations was $5.2 billion, or $3.55 cents ashare, compared with $4.2 billion, or $2.47 cents a share,in fiscal 1997.

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