TECHNOLOGY & TELECOMMUNICATIONS
From Times Staff and Wire Reports
AT&T; Earnings Revised Downward: American Telephone & Telegraph Co. said its net earnings for the fourth quarter of 1992 will be reduced by 3 cents a share because of a plunge in the value of its investment in Italy’s Compagnie Industriali Riunite. AT&T; said the value of its investment was being cut to $63 million from $131 million. AT&T; gained a stake in Ing. C. Olivetti & Co. for $260 million in 1983, when the companies formed a marketing partnership. In 1989, AT&T; exchanged its Olivetti stock for holdings in Riunite, Olivetti’s parent. The company said it has agreed to hold its remaining stake in Riunite until at least 1994 and that the loss will not affect its income from operations or cash flow.
