Jim Cramer Blog

AT&T Inc. posted a 61 percent increase in second-quarter earnings on Tuesday, lifted primarily by its buyout of BellSouth Corp. but also aided by gains in wireless subscribers and revenue.

AT&T, the nation's largest provider of broadband Internet and land and wireless phone services, said net income rose to $2.9 billion, or 47 cents per share, from $1.81 billion, or 46 cents per share in the prior year's quarter. Wireless subscribers rose by 1.5 million to 63.7 million, AT&T said.
A fraction of that growth during the quarter was driven by the introduction of Apple Inc.'s iPhone, for which AT&T is the exclusive carrier. The device, which combines phone, media player and Web-surfing capabilities, went on sale less than two days before the end of the quarter, but in that time, 146,000 iPhones were activated, AT&T said.

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