AT&T (T) earnings were not very impressive. Sales of Apple (AAPL) iPhones helped wireless growth. Landline numbers were poor.

For the most recent quarter, AT&T’s consolidated revenue were $31.1 billion, up 2.4% from a year earlier. The firm had net income of $2.4 billion compared to $3.1 billion in the period last year, and EPS totaled $0.41, compared with $.51 in the fourth quarter of 2007.

Revenue gains were driven by 13.2% wireless growth and a 14.2% increase in wireline IP data revenues, which include AT&T U-verse services.

The real weakness in results is that voice revenue fell more than 10% to $8.8 billion. Wireless revenue was up 13% to $11.5 billion, but there is now a foot race over how fast wireless can replace legacy business.

The company’s forecast for the year was lackluster. "Continued consolidated revenue growth in the low single-digit range, led by gains in wireless and IP data services."

Some of the details:

"AT&T posted a fourth-quarter net gain in wireless subscribers of 2.1 million to reach 77.0 million in service."

"In the wireless business, postpaid subscriber growth reflects the dramatic success of iPhone 3G, which was launched in July 2008. AT&T’s fourth-quarter iPhone 3G activations totaled 1.9 million, approximately 40% to customers who were new to AT&T".

"AT&T’s wireless data revenues grew 51.2 percent versus the year-earlier fourth quarter to $3.1 billion."

"AT&T further accelerated its ramp in U-verse TV growth with a net gain of 264,000 subscribers in the fourth quarter, up from 232,000 added in the third quarter of 2008, to reach more than 1 million in service."

U-verse subscription increases could be hurt by the economy. The number will be closely watched in the first quarter.

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