Just like Intel, VMware and China Mobile, AT&T also had its earnings call within the last 24 hours. However, in addition to the financial information the call also provided some insight to a couple of consumer trends, particularly wireless data streaming the Verizon iPhone.

AT&T reported an impressive 39 percent in first quarter profit, which the company said was largely helped by strong iPhone sales. The number of net customers fell almost 90 percent from a year ago, but it didn’t leave that big a mark on the number two mobile carrier in the U.S.  On Wednesday, AT&T reported earnings of $3.41 billion, or 57 cents a share, up from $2.45 billion, or 41 cents a share, a year earlier.”

In addition, the company’s revenue climbed to $31.25 billion, or by about 2.3 percent compared to the first quarter of 2010.

Going back to the iPhone, AT&T’s earnings call confirms something many have already realized: the Verizon iPhone was probably overhyped in that it would destroy AT&T’s industry presence. The carrier reported it has activated 3.6 million iPhones in the first quarter of this year, and 23 percent of these activation were made by new customers. Morgan Stanley analyst Simon Flannery even noted that the “the fears of iPhone switchers did not materialize this quarter.”

AT&T’s wireless business is also going well, and it’s looking to further expand in this area via the acquisition of T-Mobile USA in a pending and highly-regulated $39 billion deal. In addition to forming the largest carrier in the United States, the merger would also have a positive effect on revenue AT&T generates in this area: $15.31 billion, 10 percent more than in the previous year.

Last but not least, AT&T’s earnings report sheds some light on the feature of video, and cable providers. The carrier revealed that 15.3 percent of the 28 million people in the area where its U-verse TV offering is available subscribe for the video streaming service. This is not the best news for cable companies, even though Dish for example is pushing its online video streaming services with the recent buyout of Blockbuster.