AT&T (NYSE:T) has reported its Q4 and 2012 earnings, and the company's revenues for the quarter totaled $32.6 billion, essentially flat over the year-ago period in spite of brisk sales of smartphones -- a quarterly record, in fact, at more than 10 million units.

Meanwhile, its net loss was $3.9 billion, or $0.68 per diluted share. That was an improvement over the $6.7 billion ($1.12 in diluted EPS) shortfall of Q4 2011. Had the bottom-line figure not included one-time adjustments, it would have come in at $0.44 per share.

Analysts were expecting revenue of $32.2 billion and EPS of $0.45.

For the full year, revenue was $127.4 billion, against 2011's $126.7 billion. Unadjusted net income attributable to the company was $7.3 billion ($1.25 in diluted EPS), an 87% improvement over the previous year's result.

Fool contributor Eric Volkman and The Motley Fool have no position in AT&T. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.