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The profits were way up: 22 percent up. But the real story is on the mobile end. I guess on this site, it always is. AT&T added 1.3 million wireless subscribers in the first quarter of 2007, just about in line with analysts’ predictions. They kept churn at a manageable 1.7 percent, which is right in line with last year. This, even with the loss of 330,000 customers who were still using analog. Ha! Only 330,000? That’s a drop in the bucket for AT&T’s over-70 million subscribers. So it seems that growth is now and in the future for AT&T.

Of course, they are fueled by the iPhone. While the company won’t disclose how many Apple handsets it activated during the quarter, we do know that they’re making about $90 per month per iPhone customer.

The first-quarter results “reinforce the confidence we have in our outlook,” Stephenson said in the statement. In a conference call with analysts, Lindner reiterated a January forecast for full-year revenue growth in the “mid-single digits” over 2007’s $118.9 billion.

So they’re keeping expectations high. With the way AT&T has grown over the past year, I don’t doubt it.

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