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Earnings reports

Cingular's Subs-stantial Quarter

Cingular Wireless reported profits up 282 percent for the third quarter as it added another 1.4 million subscribers to its books.

The top cellular carrier in the U.S. reported this morning that net income grew to $847 million from $222 million in the same quarter a year ago. Cingular's total revenues were $9.6 billion, up 9.2 percent over revenue for the year-ago quarter and 3.6 percent compared to the second quarter of 2006.

"The increasing pace of incremental revenue growth is a clear indication that Cingular is gaining momentum in the marketplace," wrote Technology Business Research Inc. (TBR) analyst John Byrne in a note to clients. "The company’s continued focus on the postpaid [customers who pay a monthly bill] market is the major factor driving this trend."

The Atlanta, Ga.-based joint venture between AT&T Inc. (NYSE: T) and BellSouth Corp. (NYSE: BLS) ended the quarter with 58.7 million subscribers, a year-over-year increase of 6.4 million. Verizon Wireless had around 54 million subscribers at the close of the second quarter. Sprint Corp. (NYSE: S) reported 51 million in the same time period. T-Mobile US Inc. trails the big three with 23.3 million.

Read the rest of this article at Unstrung.

— Dan Jones, Site Editor, Unstrung

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