While AT&T is having a rough first quarter just like everyone else, iPhone hype is showing no signs of slowing, which actually helped keep losses below expectations. 1.6 million customers picked up an iPhone, 40% of which were new to AT&T, while the final tally ended up around 1.2 million net new subscribers, $3.1 billion in net income (down from $3.46 billion), and wireless data revenue was up 38.6% from last year. Although the iPhone helped, AT&T’s other services like U-Verse TV and broadband internet certainly pulled their weight this quarter. With their upcoming 3G speed boost, the E71x due to land any day now, and decent quarterly results like this, it sounds like AT&T will be able to stay a step ahead of the recession. You can get AT&T’s full financial run-down for Q1 ’09 over here.