EmptyU-VERSE FUELS AT&T
AT&T continued to gain steam for its U-verse TV service in the third quarter, adding 232,000 subscribers on a net basis. That was up from 170,000 adds in the second quarter and brought total users to 781,000 as of the end of September. Overall, AT&T reported a third-quarter profit of $3.23 billion, up from $3.06 billion a year ago. Revenue rose 4% to $31.3 billion, in line with Wall Street estimates. Profitability came in below expectations due in part to expenses related to the introduction of the iPhone 3G, which were a $900 million drag on the bottom line. AT&T activated 2.4 million units of the iPhone 3G in the quarter.
300 CUT AT TICKETMASTER
Ticketmaster will cut about 300 jobs as part of a cost-cutting plan announced in August. Those cuts account for about 5% of the ticket company's global work force, Ticketmaster said.
BIG DAY FOR BLOCKBUSTER
Blockbuster reiterated its full-year forecast Wednesday and said that it was comfortable with analysts' third-quarter estimates, citing its turnaround efforts and underlying fundamentals. The announcement sent Blockbuster shares 11% higher Wednesday.
Amazon.com said Wednesday that profit climbed 48% in the third quarter to $118 million on revenue that was up 31% to $4.26 billion. The firm also lowered guidance to up to $19.46 billion in revenue this year, down from previous guidance of as much as $20.1 billion. Amazon shares were down as much as 15% in after-hours trading.