AT&T, the nation's largest telecommunications company, reported a 39 percent increase in first-quarter profit on Wednesday, despite the loss of exclusive rights to the iPhone, which it was forced to give up in February.
The company, based in Dallas, reported that net income for the quarter rose to $3.4 billion, or 57 cents a share, compared with $2.5 billion, or 41 cents a share, in the period a year ago. Revenue climbed more than 2 percent to $31.2 billion, meeting Wall Street's expectations, which expected $31.26 billion on 57 cents a share.
The jump was the result of an increase in wireless data, the company said.
"We had another strong quarter and a solid year," the chief executive and chairman of AT&T, Randall L. Stephenson, said in a statement. "Our major growth platforms — mobile broadband, U-verse and strategic business services — continue to set the pace for the industry, and we're still early in the growth cycle for all of these areas."