Why did AT&T's net profit drop sharply in Q3 2024?

AT&T's net profit dropped sharply in Q3 2024 due to several key factors:

1. **Equity Net Income Decline in Affiliates**: The drop in equity net income from affiliates was a significant contributor to the 19.4% decline in net income.
2. **Asset Impairment and Depreciation**: The company incurred a $639 million asset impairment and saw a $813 million uptick in depreciation, which negatively impacted net income.
3. **Softness in Business Wireline Service Revenues**: Lower revenues from Business Wireline services, coupled with declining volumes in mobility equipment, affected overall performance.

These factors, combined with other operational challenges, resulted in a substantial decrease in net profit for the quarter.