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AT&T (T.N: Quote, Profile, Research) posted stronger-than-expected mobile growth on Thursday and affirmed its 2008 outlook, but its shares fell as much as 3.4 percent amid persistent worries about the U.S. economy.

The largest U.S. phone company warned earlier this month that it saw some softness in its consumer business, but it said on Thursday that it added 2.7 million net new wireless subscribers in the fourth quarter, ahead of expectations.

Five analysts contacted by Reuters had on average estimated AT&T’s new subscribers at 1.92 million for the fourth quarter.

“It was a solid quarter certainly,” said Stifel Nicolaus analyst Chris King said. “In this type of market, any reiteration of guidance has to be viewed positively.”

AT&T forecast 2008 revenue growth in the mid-single-digit percentage range, double-digit adjusted earnings-per-share growth and mobile service revenue growth in the mid teens.

If the economy gets worse, King said there was a risk AT&T would come in at the low end of its outlook.

“It does not appear to us as if the mid-to-high end of company guidance for 2008 assumes much weakness, if any, in enterprise or wireless that could be seen if the economy continues to weaken,” King said.

AT&T shares closed down about 2 percent at $35.75 on the New York Stock Exchange, erasing Wednesday’s gain of about the same amount paydayloans.com. The stock has fallen almost 13 percent since the end of 2007 due to economic concerns. 

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