AT&T's first-quarter revenue fell short of Wall Street estimates yesterday after it lost subscribers in nearly all of its main businesses except wireless, where it paid heavily to gain customers through price promotions. AT&T lost a net 544,000 premium TV subscribers. Analysts had expected a loss of 385,000 customers, according to research firm Factset. Total revenue rose nearly 18 per cent to $44.83bn (£34.7bn) but fell short of expectations of $45.11bn. The firm has tried to reduce its dependency on its phone business, which brings in 40 per cent of total revenue, by adding content through its $85bn acquisition of Time Warner.