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Profits Stumble by 47 Percent at AT&T.
Byline: Martha McKay
Apr. 23--AT&T recorded a dismal 47 percent decline in quarterly profits as competition and pricing pressure hurt sales.
Revenues fell 11 percent.
The nation's largest long-distance carrier did manage to beat analysts' estimates, and its earnings in the first quarter remained in the black.
But the doldrums continue for Bedminster-based Ma Bell as it loses ground to competition from other long-distance carriers, wireless, and technologies such as e-mail.
"AT&T continues to manage through a period of challenging transformation for both our company and the industry," CEO David Dorman said in a morning conference call.
The company reported net income of $304 million, or 38 cents per share, on revenues of $7.99 billion. That compares with net income of $571 million, or 73 cents per share, on revenues of $8.9 billion in the first quarter of 2003.
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