AT&T; Wireless Reduces Forecasts
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AT&T; Wireless Services Inc. said Friday that it reduced its sales and cash flow forecasts after cutting prices. The third-largest U.S. mobile-telephone company also is paying $285 million to buy the rest of a joint wireless venture in Philadelphia.
Wireless service sales, excluding an acquisition, will rise this year by a “low double digits” percentage, AT&T; Wireless said. The company had forecast growth in the “low teens.”
Separately, the company agreed to buy the 49% of AT&T; Wireless PCS of Philadelphia that it didn’t own for cash from Chicago-based Exelon Corp.
Shares of AT&T; Wireless fell $1.49 to $8.60 on the New York Stock Exchange. They have fallen 30% this year. Exelon shares rose $1.24 to $50.52, also on the NYSE.
AT&T; Wireless said earnings, excluding depreciation and amortization, would rise to the “low to mid-20s” in percentage growth. That’s less than an earlier company forecast, which excluded TeleCorp, acquired last month.
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