AT&T (NYSE: T) said Tuesday its second-quarter net income rose 61 percent to $2.9 billion, up from $1.81 billion a year ago, due in part to the acquisition of BellSouth.
The adjusted earnings were 70 cents per share versus 58 cents per share a year ago. The San Antonio-based firm also saw revenues jump 87 percent to $29.48 billion, up from $15.77 billion a year ago.
The results were higher than Wall Street projections of 67 cents a share, according to Thomson Financial.
The telecommunications giant said the increase was led by accelerated growth in wireless and Internet Protocol-based services, along with improvement in enterprise revenue trends.
Revenue from the wireless division rose 12.7 percent to $10.4 billion.
Shares of AT&T fell 11 cents, or 27 percent, to $39.92 in late morning trading on the New York Stock Exchange.