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AT&T beats Wall Street expectations despite Time Warner drama

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Roberto Machado Noa/LightRocket via Getty Images

AT&T beat investors' expectations with strong wireless subscriber growth and its lowest-ever fourth-quarter subscriber cancellation rate.

What stands out: Despite the set-back of the Justice Department challenging its acquisition of Time Warner Inc., AT&T had some big wins in Washington in 2016, with the new tax law giving a major boost to its bottom line.