Cingular Wireless has huge quarter

Cingular Wireless, the largest wireless provider, had a blowout third quarter. The company is jointly owned by Bellsouth and AT&T and offered the following highlights:

• Profits in the quarter surged more than 300% to $847 million, from $222 million one year-ago
• Revenues rose 9% to $9.55 billion in the third quarter
• The company added 1.35 million subscribers during the quarter

In another sign that the company is doing well, they reported that churn (the term to describe customers leaving for another service) was reduced from 2.3% to 1.8%. The company also was able to report higher earnings, because of the continued integration of the former AT&T Wireless business, as well as typical corporate cost-cutting.