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SBC tops forecasts
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April 25, 2000: 8:57 a.m. ET
Baby Bell cites surge in wireless, data revenue in topping earnings estimate
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NEW YORK (CNNfn) - SBC Communications Inc. reported a sharp jump in first-quarter earnings Tuesday, driven by rapid expansion of its data communications and wireless operations, helping the company easily surpass Wall Street's expectations.
The San Antonio-based Baby Bell, which recently joined forces with BellSouth Corp. to form the nation's No. 2 wireless concern, earned $1.91 billion, or 56 cents per share, before one-time items during the quarter.
That exceeded both the $1.71 billion, or 49 cents per share, it earned a year earlier and the 52 cents per share analysts polled by First Call Corp. were expecting.
Including one-time items, the company posted net income of $1.82 billion, down from the $1.98 billion a year earlier. However, because of a change in the number of shares outstanding, net earnings per share increased to 53 cents from 51 cents.
Revenue for the quarter jumped 8.4 percent to $12.58 billion, driven by a 40.8 percent increase in data revenue to $1.6 billion and 30.1 percent increase in domestic wireless subscriber revenues.
SBC (SBC: Research, Estimates) shares rose 1-1/16 to 42-1/4 in trading Monday. 
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