FORTUNE -- Last April, when AT&T (T) reported that it had activated 4.3 million iPhones in Q1 -- down from 7.6 million in the Christmas quarter -- Wall Street looked at Verizon's (VZ) iPhone activations (3.2 million, down from 4.2 million), assumed...
Is 3.7 million AT&T iPhones in one quarter a lot or a little?
Activations were down -- 14% -- from Q1, but that's less than most analysts expected
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