REUTERS: AT&T Inc's quarterly revenue fell short of Wall Street estimates on Wednesday after it lost more than half a million pay-TV subscribers and its main wireless business reported lower-than-expected sales.
Revenue in AT&T's wireless business for the quarter was hurt by aggressive smartphone promotions. The company has tried to reduce its dependency on its phone business, which now brings in roughly 40 percent of total operating revenue, by adding media content through its US$85 billion acquisition of Time Warner.
The company added a net 80,000 phone subscribers, beating analysts' forecast of a loss of 44,000 subscribers as it leaned on the smartphone promotions to combat competition in a saturated U.S. market.But Mobility, AT&T's largest segment which includes its wireless business, had revenue of US$17.57 billion during the quarter, missing estimates of US$17.65 billion, as those promotions hurt phone sales for the unit.Postpaid phone churn, or the rate of customer defections, was 0.
Total revenue rose nearly 18 percent to US$44.83 billion but fell short of expectations of US$45.11 billion.
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