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October 20, 1995

AT&T PREPARES FOR THE BIG BREAK-UP

By CBR Staff Writer

AT&T Corp’s net profit for the third quarter plunged 75% to $262m after the previously announced charge on restructuring the computer business.AT&T added that additional charges may be necessary in the future as decisions are made about the company’s corporate restructuring. Telecommunications services revenue rose 7.2% in the third quarter, with calling volume up 8.5%. Equipment division sales rose 1.5%. This quarter’s charge aside, our profits reached an all-time high, chairman Robert Allen said. Within the equipment division, network equipment sales fell 6%, with deferred capital spending by regional Bells partially offset by growth in revenues from independent telephone groups and cable television firms, AT&T said. Communications products – business phone systems and consumer equipment – rose 16%, with particularly strong international growth in business equipment. Sales of microelectronic parts set a quarterly record. Wireless services revenue rose 28% to $758m, subscribers rose 38% to over five million.

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