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UPDATE 7-AT&T swings to profit, lifts dividend.
(From CBS Marketwatch (Stories))
Byline: Sudeep Reddy
WASHINGTON (CBS.MW) -- AT&T on Thursday rang up a profit in the second quarter and, in a sign of growing confidence, will raise its quarterly dividend and buy back up to $2 billion worth of debt.
The No. 1 U.S. long-distance carrier said net income totaled $536 million, or 68 cents a share, reversing a loss of $12.8 billion, or $17.11, a year ago. That beat the 53-cent consensus of analysts surveyed by Thomson First Call.
The better-than-expected performance revved up the stock. Shares of AT&T , a Dow Jones Industrial Average component, jumped $1.35, or 7 percent, to $20.87 in recent action.
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