AT&T Sales Miss Estimates Amid Decline in Landline Business

AT&T, the largest U.S. phone company, posted first-quarter sales that missed estimates, dragged down by a lingering slump at its landline business.

Sales dropped 1.5 percent to $31.4 billion. Analysts had projected $31.7 billion on average. Earnings climbed to 64 cents a share, excluding some items, matching the average estimate. AT&T’s landline revenue declined 1.8 percent to $14.7 billion, hurt by sluggish demand for traditional phone connections -- especially among business customers. The company’s wireless carrier, meanwhile, attracted more new subscribers than expected. AT&T added 296,000 contract customers.