AT&T’s Q1 profits actually rose because it sold fewer iPhones

AT&T made a huge recovery in the first quarter from its last earnings report, where it reported a $6.7 billion net loss (mainly due to fees associated with the T-Mobile merger breakup). The company today reported revenues of $31.8 million, up 1.8 percent from last year, with profit of $3.58 billion, thanks mostly to a 41.6 percent increase in wireless margins.