P.M. BRIEFING : AT&T; Rings Up 18% Rise in Profits
American Telephone & Telegraph Co., the nation’s largest telecommunications company, said today its profit in the second quarter rose 18% to $694 million.
On a per share basis, the earnings increased to 66 cents a share from 55 cents.
The communications giant said its revenues rose 5.2% to $9.26 billion from $8.80 billion a year ago. Expense controls allowed earnings to rise even faster than the revenues, the company said.
Analysts said AT&T;’s earnings were expected to rise due to strong demand for its long-distance telephone services.
For the first half of the year the company had a net profit of $1.29 billion, compared with $1.09 billion a year ago. Revenues rose to $17.91 billion from $17.19 billion.
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