AT&T, the second largest mobile carrier in the United States, has released their first quarter financials. The company reported revenues of $39.4 billion for the quarter, a drop from the $40.5 billion the carrier reported in the same quarter last year. $17.2 billion of the revenue is contributed to the wireless division, down 4.4% over the previous year. The company reported that the reduction in revenue was attributed to the low number of equipment upgrades made by subscribers as well as the the lower ARPU (average revenue per user) thanks to recently adopted unlimited plans.
All of this contributed to a drop in net profit for the company. For the quarter, the company made $3.5 billion, down from the $3.8 billion in the first quarter of 2016. The carrier has $3.2 billion in free flow cash available.