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AT&T takes $10bn pensions charge AT&T takes $10bn pensions charge
(about 1 hour later)
US telecoms giant AT&T will put aside $10bn (£6.25bn) in the fourth quarter to cover pension fund losses due to lower-than-expected interest rates.US telecoms giant AT&T will put aside $10bn (£6.25bn) in the fourth quarter to cover pension fund losses due to lower-than-expected interest rates.
The one-off cost, or write down, relates to an actuarial loss of about $12bn. However, this was partially offset by gains of $1.9bn. The one-off cost, or write-down, relates to an actuarial loss of about $12bn. However, this was partially offset by an asset gain of $1.9bn.
AT&T said the pension loss would not affect operating results or margins.AT&T said the pension loss would not affect operating results or margins.
But it warned that its operating income would be reduced by $175m due to Hurricane Sandy and other storms.But it warned that its operating income would be reduced by $175m due to Hurricane Sandy and other storms.
Its results will also be hurt by high smartphone costs, the company said.Its results will also be hurt by high smartphone costs, the company said.
Smartphone sales of a record 10.2 million in the quarter were better than expected, but because AT&T pays a significant subsidy on each smartphone it sells, high sales put pressure on its profit margins.Smartphone sales of a record 10.2 million in the quarter were better than expected, but because AT&T pays a significant subsidy on each smartphone it sells, high sales put pressure on its profit margins.
The company is due to release its fourth-quarter results on 24 January.The company is due to release its fourth-quarter results on 24 January.