Why are you quoting a revenue figure but talking about profits? AT&T has a profit margin currently of about 11%, which is around the average profit margin acro

Why are you quoting a revenue figure but talking about profits? AT&T has a profit margin currently of about 11%, which is around the average profit margin across all industries. It isn't a particularly profitable business. Not the worst, but also far from the best. In a company like that profitability can be very volatile. Small changes in the per-user cost can wipe out all profits overnight, which is why it's common for companies with billions in revenue to suddenly flip from net profit to net loss. That happened to AT&T in Q4 2022 when they went from a +17% margin to -7% in the space of a single quarter. They didn't start making profits again until a year later.