AT&T posts higher profits as revenues increased

AT&T posts higher profits as revenues increased

US based telecom giant AT&T has come out with their latest revenue report and the company has posted a higher quarterly profit.

The company gained from growth in its wireless business and their acquisition and merger with the BellSouth Corp.

AT&T reported that their first quarter profit rose to $2.8 billion or 45 cents a share. This is up from $1.4 billion or 37 cents a share, in the year-ago quarter.

The revenues were up at $28.97 billion from $15.76 billion. The company has now raised its estimate for a full year adjusted operating income margin to a 23 percent to 24 percent range.

AT&T added that they added 1.2 million subscribers for their wireless division in the quarter. Market experts had expected them to add around 1.5 million new subscribers.

The company further added that they are planning to complete its $10 billion share repurchase plan in the third quarter this year.