AT&T saw fourth quarter profits slide by 42 per cent despite topping Wall Street's expectations by two cents.
The US telecoms giant saw revenue for the three months ending 31 December, 1999, increase 21 per cent to $16.33 billion. But net income fell to $1.15 billion or earnings per share of $0.36, after one-time redundancy and infrastructure charges, which totalled $804 million and wiped $496 million off the firm's bottom line.
This compared with profit of $1.99 billion or earnings per share of $0.75 a year ago.
Excluding the charges, net income would have been $1.84 billion, or $0.57 a share, however, which beat the $0.55 consensus of Wall Street analysts polled by First Call.
Michael Armstrong, AT&T's chairman, said: "For the past two years we've grown revenue quarter over quarter, cut costs significantly and invested in high growth businesses. In 2000 we'll continue to be focused on meeting our financial commitments, scaling our broadband and wireless operations and accelerating growth throughout our business."
AT&T's wireless division, which saw revenue increase 41.6 per cent, was one of its biggest earners during the quarter. This was primarily due to consolidated subscriber growth of 33.4 per cent and an increase in average revenue per user.
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