AT&T the holding company is not the AT&T company you imagine. See here for what makes up the current AT&T: https://en.wikipedia.org/wiki/AT%26T#Corporate_struct

AT&T the holding company is not the AT&T company you imagine. See here for what makes up the current AT&T: https://en.wikipedia.org/wiki/AT%26T#Corporate_structure https://en.wikipedia.org/wiki/AT%26T#Corporate_structure I think most of the money is made by what used to be called SBC, which has very lucrative landlines in the south; plus the mobile carrier business.