No Glee in SBC Q3

SBC Communications Inc. (NYSE: SBC) announced today a third-quarter profit down 29 percent due to continued access line losses in its local telephony business and steep competition on the wireless side (see SBC Reports Q3).

SBC reported net income of $1.22 billion, or 37 cents a share, compared with a year-ago net of $1.71 billion, or 51 cents a share. Third-quarter revenues totaled $10.2 billion, compared with $10.6 billion in the year-ago period. Operating expenses totaled $8.6 billion, compared with $8.5 billion last year.

The result was two cents per share below the mean estimate of analysts surveyed by Thompson First Call.

SBC said its year-over-year revenue comparisons were affected by access-line losses, partly offset by subscriber growth in long-distance and DSL. Expense comparisons for the same period were affected by increased costs related to health care, pension, and post-retirement benefits, as well as by increased customer acquisition costs.

To learn how the rest of SBC's quarter stacked up, read the full story on our sister site, Boardwatch. — Jo Maitland, Senior Editor, Boardwatch

tsat 12/4/2012 | 11:19:35 PM
re: No Glee in SBC Q3
If they think wireless revenue is tough now, just wait until all those disgrunted Cingular customers' contracts expire!

death to Cingular!

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