AT&T Inc.’s quarterly profit for the latest quarter rose less than expected, held back by its declining satellite TV business, sending the company’s shares down more than 6 percent.
The second-largest U.S. wireless carrier has been reducing its dependency on the phone business with its $85-billion acquisition of Time Warner this year, but it is struggling to grow in the TV market as its satellite business continues to shed customers, while its streaming services have not attracted as many subscribers as analysts had hoped.
