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AT&T posts huge loss
AT&T Inc posted a massive quarterly loss due to a break-up fee for its failed T-Mobile USA merger and a pension-related charge on top of costly subsidies for smartphones such as Apple’s popular iPhone.
As a result, the telephone company posted a loss of $6.68 billion (£4.25bn) or $1.12 per share, compared with a profit of $1.09bn, or 18 cents per share in the year ago quarter.
Revenue rose to $32.5bn from $31.36bn.
The mobile provider said it added 717,000 subscribers in the quarter, beating the average expectation for 570,000 from seven analysts.
AT&T had to scrap its plans for a purchase of Deutsche Telekom’s T-Mobile USA in December after regulatory opposition.