WASHINGTON (Dow Jones) - AT&T Inc. added a hefty 1.9 million iPhone accounts in the fourth quarter, but net income fell 23% and the company issued a conservative forecast for 2009.
AT&T's surprising wireless strength, combined with solid results by Verizon Communications Inc., shows phone carriers are performing better than most U.S. companies amid a deepening recession. Verizon on Tuesday reported a 15% increase in quarterly earnings.
Yet mirroring Verizon, AT&T also showed painfully sharp erosion in traditional phone-calling business. Voice revenue fell 10.3% from the year-ago quarter and primary local-phone lines in service dropped a sharp 11.4%. Some customers switched to cable service while others went entirely wireless to save money
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