AT&T Inc. (T) saw its profit drop 15 percent in the second quarter, despite strong iPhone sales. The declines came from landline losses, the service provider said.
Indeed, thank goodness for AT&T’s exclusive deal with Apple Inc. (AAPL) for the iPhone – AT&T activated 2.4 million of the much-hyped devices.
Overall, AT&T reported income of $3.2 billion, down from $3.77 billion the same period a year earlier. Revenue, meanwhile, fell slightly – .4 percent – to $30.73 billion.
Analysts pointed out that the company’s earnings were helped by a lower tax rate.