Investment in its network and new markets depressed AT&T's earnings in the first quarter. The telecomms giant saw net earnings fall from $1.47 billion last year to $1.12 billion on revenues up 1.5 per cent to $13.05 billion. The figures were in line with expectations, since AT&T issued a profits warning last month. It said upgrades to its telephone network and preparation for expansion in new areas such as the US local call market had temporarily increased its outgoings. Revenues have also been hit by heightened competition, which has driven AT&T to make special promotions such as as free long distance calls for some customers.
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