AT&T; Wireless Profit Tumbles 82%

AT&T; Corp. said profit at its wireless business plunged 82% to $44 million in the first nine months of last year as it boosted spending 65% to accommodate surging demand for cellular services. New York-based AT&T; broke out the operation’s results for the first time in a filing with the Securities and Exchange Commission as it prepares to sell tracking shares in the business in what may be a record share sale by a U.S. company. Excluding gains from equity investments and the sale of assets, the wireless operation would have had a loss of $3 million, down from $177 million a year ago, the filing said. Sales grew 41% to $5.49 billion. Charles DiSanza, an analyst at Gerard Klauer Mattison & Co., said the profit drop “is completely understandable and not unexpected” because AT&T; hasn’t completed construction of its national wireless network and must pay other carriers when AT&T; customers make calls on their systems. AT&T; shares rose $1.25 to close at $49.25 on the New York Stock Exchange.