AT&T Meets 1Q Profit Forecasts

DALLAS (AP) -

AT&T Inc. on Wednesday reported first-quarter net income of $3.2 billion.

On a per-share basis, the Dallas-based company said it had net income of 61 cents. Earnings, adjusted for non-recurring costs, came to 63 cents per share.

The results met Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was also for earnings of 63 cents per share.

The telecommunications company posted revenue of $32.58 billion in the period, missing Street forecasts. Eleven analysts surveyed by Zacks expected $32.88 billion.

AT&T shares have fallen more than 9 percent in the last 12 months.

In Thursday afternoon trading, the shares rose $1.28, or 3.9 percent, to $34.14.