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New AT&T Phone Contracts Dive In 1Q

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NEW YORK -- AT&T subscribers are still buying iPhones, but with Verizon now selling the phone too, it seems to have lost its power to draw new subscribers to AT&T.

AT&T, the country's largest telecommunications company, reported Wednesday the addition of 62,000 net new subscribers on contract-based plans in the first quarter, a record low. A year ago, the figure was 512,000.

Net income rose 39 percent to $3.41 billion, or 57 cents per share, for the January-March period. That's up from $2.45 billion, or 42 cents per share, a year ago.

The earnings matched the average estimate of analysts polled by FactSet.

Revenue was $31.2 billion, up 2.3 percent from a year ago. That also matched analysts' expectations.

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