AT&T Profit Climbs 25% To $4 Billion (T)

AT&T Inc. T on Thursday morning released financial results that beat Wall Street earnings expectations. The surge in earnings was fueled by strong growth in the company's wireless business, which included the activation of 3.2 million Apple Inc AAPL iPhone accounts. AT&T Inc. (T) reported that its 2nd quarter net income rose 25% to $4 billion, or 68 cents per share, up from $3.2 billion, or 54 cents per share, a year earlier. Excluding special items, AT&T Inc earned 61 cents per share. Revenue rose just 0.6% to $30.8 billion, not including the company's Sterling Commerce unit that is being sold to International Business Machines IBM. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 57 cents per share, on revenue of $30.90 billion. AT&T Inc. shares were up nearly 1% at $25.15 in pre-market trading. Analysts covering the company's stock have a consensus price target of $29.64 per share. Read more from Benzinga's Company news.