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AT&T meets 2Q profit forecasts

DALLAS – DALLAS (AP) _ AT&T Inc. (T) on Thursday reported second-quarter net income of $3.41 billion.

On a per-share basis, the Dallas-based company said it had profit of 55 cents. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, came to 72 cents per share.

The results matched Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was also for earnings of 72 cents per share.

The telecommunications company posted revenue of $40.52 billion in the period, which did not meet Street forecasts. Ten analysts surveyed by Zacks expected $40.66 billion.

AT&T shares have climbed 23 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 6 per cent. In the final minutes of trading on Thursday, shares hit $42.49, an increase of 23 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on T at http://www.zacks.com/ap/T

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Keywords: AT&T, Earnings Report, Priority Earnings