AT&T’s last call

With a history as old as the telephone itself, AT&T used to dominate US telecommunications. Now, after strategic blunders involving the disposal of key building blocks of business growth, its rump looks like a bite-sized takeover target. It might even have to sell at a discount to today's price.

IT WAS A rather truncated conference call, lasting less than 40 minutes including a rapid-fire Q&A session. A lot of analysts didn’t get a chance to ask a question and those that did must have felt a bit short-changed. Nevertheless, David Dorman, chairman and CEO of US long-distance phone company AT&T, rounded off his comments on the third-quarter results on a determined note. “Clearly we’ve made some tough choices this year,” he said. “However, as our third-quarter results demonstrate, those choices are beginning to pay off.

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