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Troubled US giant AT&T has reported improved sales but posted a loss to write-offs on its majority stake in ailing Excite@Home.
By Ron Coates
Published: 24 April 2001 15:34 BST
For the first quarter, the telco reported revenue up 5.4 per cent on the comparable period last year at $16.7bn, driven by strong gains in wireless networks. The mobile division saw sales jump 46.2 per cent to $3.2bn.
Net loss for the quarter was $373m, equivalent to 10 cents a share, after the company wrote off $739m on its Excite stake. Excluding that charge, AT&T said that earnings per share were six cents - around 84 per cent down on the first quarter of 2000.
The wireless division made profits of $717m, up nearly 80 per cent on the comparable figures last year.
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