Business: Against the Current

Performing as if there were no recession, three of the biggest U.S. companies posted record earnings last week:

¶ American Telephone & Telegraph, the world's biggest company, scored the highest profits ever made by any company in a twelve-month period. Net for the year ended Nov. 30 was $1,244,000,000, or $5.52 per share, v. $5.16 per share the previous year (former record: General Motors' $1,189,000,000 in 1955). Fourth-quarter earnings were $1.40 per share v. $1.33. The company's operating revenues were also a record, $7.9 billion, up from $7.4 billion. Reasons: an increase of 2,800,000 in Bell telephones in use to a...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!