4 major phone companies report increased profits

Article Abstract:

First quarter 1990 profits are up modestly for four large telecommunications companies. American Information Technologies, GTE, Southwestern Bell and United Telecommunications all report earnings close to analysts expectations. American Information Technologies posted profits of $303.5 million on sales of $2.62 billion, up from earnings of $300.8 million on sales of $2.5 billion for the 1st qtr of 1989. Southwestern Bell had earnings of $247.8 million, up from $238.8 million a year ago, as revenues increased to $2.13 billion from $2.06 billion. GTE profits rose to $355.2 million, from $329.2 million a year ago, with revenues climbing to $4.5 billion from $4.12 billion. United Telecom had profits of $107.6 million on sales of $2.02 billion, up from $76.4 million on sales of $1.77 billion a year ago.

SBC, Regional Bell Operating Companies, Southwestern Bell Corp., American Information Technologies Corp., Bell Regional Holding Companies, First Quarter

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GTE profits up 20.2 percent; United Telecom down

Article Abstract:

GTE Corp announces 4th qtr 1989 earnings are up 20.2 percent, bolstered by strong telephone and telecommunications performance. Meanwhile, United Telecommunications Inc saw its 4th qtr 1989 profit decline sharply, although a strong performance by US Sprint increased revenue by 15 percent. GTE's earnings for FY 1989 are $1.4 billion, up 16.7 percent, on revenues of $17.4 billion, up 5.5 percent from a year ago. United Telecom saw profits for FY 1989 fall 28.7 percent to $363 million on revenues of $7.5 billion, up 15.4 percent from a year ago. On Wall Street, the news sent GTE stock down 62.5 cents to $61.625, while United Telecommunications stock took a similar course, down 62.5 cents to $34.50.

COMMUNICATION, column, Telecommunications, Losses, Fourth Quarter

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United Telecom falls 55% and stock plunges; GTE gains

Article Abstract:

United Telecommunications Inc announces a 55.1 percent drop in 2nd qtr 1990 earnings. The firm reports $40.6 million in earnings for the quarter, compared with $91 million for the same period one year ago. Revenue for the quarter stands at $2.07 billion, up from $1.85 billion for the year-ago period. Wall Street sent United Telecom's stock down $8.75 to close at $29.50. The firm has announced that it will layoff between 1,000 and 1,300 employees at its US Sprint subsidiary in an effort to reduce cost. GTE Corp reports a happier story, with a 10.6 percent increase in 2nd qtr profits. Sales for GTE's 2nd qtr are $4.58 billion, up from $4.32 billion for the same period a year ago.

Layoffs, Layoff, Financial Report, Second Quarter

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