No Glee in SBC 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