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BOSTON — American Tower Corp. reported a 77 percent jump in net income Tuesday on growing revenue from the cell phone towers the company rents out and manages.
The results topped Wall Street forecasts, but shares slipped in morning trading. Investors may have been spooked by hints that American Tower could ramp up acquisitions, a strategy that can pose risks.
Given the strong demand from mobile users for features such as e-mail and Web browsing on phones, "American Tower will continue to pursue asset growth opportunities in both the U.S. and in select overseas markets," CEO Jim Taiclet said in a statement.
American Tower earned $99.7 million, or 25 cents per share, in the most recent quarter. That's up from $56.3 million, or 14 cents per share, in the same quarter a year ago.
Revenue grew 11 percent to $469.9 million.
Analysts surveyed by Thomson Reuters were looking for earnings of 20 cents per share and revenue of $465.6 million.
American Tower shares slipped 66 cents, or 1.4 percent, to $46.03.
