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AT&T's Love-Hate Relationship With the iPhone Continues

Let's face it: Telecom giant AT&T  (NYSE: T  ) both loves and hates Apple's (NASDAQ: AAPL  ) iPhone.

True, the device is a clear draw to consumers. As we recently saw, AT&T informed investors it will set an all-time record for smartphone sales in its current quarter, and the iPhone was probably no small player in helping AT&T achieve this impressive feat, as we now know the new iPhones sold like hot cakes in their first weekend on the market.

However, investors weren't as enthusiastic about the news as one might expect and promptly sold the stock off. Why? Because while a blessing over the long term, heavily subsidized smartphones like the iPhone can be a curse to AT&T's margins in the short term. In the video below, Fool contributor Andrew Tonner discusses this peculiar scenario and how it should affect AT&T in greater detail.

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