AT&T to Take $10 Billion in Charges in 4Q
AT&T says it will record $10 billion in charges in its fourth quarter.
This includes a $7.9 billion pretax loss related to accounting adjustments for gains and losses on pension and benefit plans.
AT&T is also recording a $2.1 billion non-cash charge as it abandons some copper used for landlines.
AT&T said Friday that the copper, which was typically used for wiring, is not needed as consumer demand declines for its older voice and data services. The need for many copper landlines is disappearing as consumers opt for cellphones and internet-based phone service that arrives over cable and fiber optic wiring.
Dallas-based AT&T Inc. wants to turn off its copper landline network by the end of the decade.
In extended trading Friday, AT&T shares slipped 47 cents to $33.33.
This article appeared in print in edition of Hamodia.
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