Broadband, cable lift AT&T

$856 mil in accounting charges add to red ink

Growth in its cable and broadband unit — set for acquisition by Comcast later this year — was one of the few bright spots as telecom giant AT&T posted a broadened first-quarter loss of $975 million Wednesday.

The red ink, which compares to a year-earlier loss of $373 million, includes a $856 million charge for accounting changes, eliminating the amortization of good will.

Overall, revenue dropped 8% to $12.02 billion. In its AT&T Broadband unit — which includes the massive cable ops set for takeover by Comcast — conglom marked a 14% improvement in revenue to $2.44 billion, after adjusting for cable acquisitions and dispositions since the year-earlier period.

“During the quarter, we maintained our focus on managing costs, increasing revenue in our growth business and improving customer satisfaction,” said AT&T chairman-CEO C. Michael Armstrong.

AT&T shares fell 10¢, or less than 1%, to $13.75 on Wednesday.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading