NEW YORK - American Telephone and Telegraph Co. said its Universal credit card recorded its first profitable quarter, having passed the breakeven point in June.
The company did not disclose the exact third-quarter profit of its Universal Card Services, which began marketing Master-Card and Visa cards in March 1990. The Universal card contributed to a 35% jump in AT&T's financial services and leasing revenue, to $485 million from $358 million in third quarter of last year.
Partly because of the credit card, financial services costs rose by $79 million, or 30%, to $262 million. AT&T as a whole earned a record $963 million on third-quarter revenue of $16.2 billion.