SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549


                                    FORM 8-K

                                 CURRENT REPORT
                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                        Date of Report: January 23, 2003



                                   AT&T CORP.
               (Exact Name of Registrant as Specified in Charter)

                                    New York

                 (State or Other Jurisdiction of Incorporation)

        1-1105                                             13-4924710
(Commission File Number)                       (IRS Employer Identification No.)


         One AT&T Way
    Bedminster, New Jersey                                  07921
(Address of Principal Executive                           (Zip Code)
          Offices)


       Registrant's telephone number, including area code: (800) 257-7865


                                 Not Applicable

          (Former Name or Former Address, If Changed Since Last Report)

A New York                      Commission File                  I.R.S. Employer
Corporation                        No. 1-1105                     No.13-4924710



Form 8-K                                                              AT&T Corp.
January 23, 2003

ITEM 5. Other Events

On January 23, 2003, AT&T Corp. issued a press release statement relating to the
Company's earnings which is attached as Exhibit 99.1.

On January 23, 2003, AT&T Corp. issued a press release  statement  concerning an
offer to repurchase debt which is attached as Exhibit 99.2.

On January 23, 2003, Thomas W. Horton, Senior Executive Vice President and Chief
Financial Officer, issued a statement providing additional financial information
about AT&T Corp.  A portion of Mr.  Horton's  statement  is  attached as Exhibit
99.4.





ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.


 (c) EXHIBITS

     Exhibit 99.1 - AT&T Corp. Press Release dated January 23, 2003.

     Exhibit 99.2 - AT&T Corp. Press Release dated January 23, 2003.

     Exhibit 99.3 - AT&T Corp. certain financial data for the years, and for
     each quarter in the years, ended December 31, 2002 and December 31, 2001.

     Exhibit 99.4 - Statements of Thomas W. Horton made on January 23, 2003.




Form 8-K                                                              AT&T Corp.
January 23, 2003



                               SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                             AT&T CORP.




                             /s/  N. S. Cyprus
                             ----------------------------------
                             By:  N. S. Cyprus
                                  Vice President and Controller

January 23, 2003




                                                                    EXHIBIT 99.1


                                                             [AT&T LOGO OMITTED]
News Release
--------------------------------------------------------------------------------


AT&T Reports Fourth-Quarter and Full-Year Results

FOR RELEASE THURSDAY, JANUARY 23, 2003

BEDMINSTER,  N.J. - AT&T today announced its  fourth-quarter  and full-year 2002
results. The company's  fourth-quarter earnings per diluted share, which reflect
a gain in  discontinued  operations  from  the  disposition  of AT&T  Broadband,
partially   offset  by  a  loss  from  continuing   operations   resulting  from
restructuring  and asset impairment  charges  announced  earlier this month, was
$0.66.

The company reported a loss from continuing operations, primarily resulting from
an asset impairment charge associated with the company's past investment in AT&T
Latin America (ALA),  and also reflecting the impact of a  restructuring  charge
associated  with planned  employee  separations and an asset  impairment  charge
related to the value of the  company's  DSL assets.  The loss per diluted  share
from continuing operations was $0.79.

Revenue  for the  quarter was $9.3  billion,  a decline of 8.6 percent  from the
year-ago  quarter.  The  company  attributes  the revenue  decline to  continued
declines in long distance voice  services,  partially  offset by growth in local
voice as well as data/Internet protocol (IP) and managed services.

"We had solid operating results in the fourth quarter,  reflecting our execution
of the basics,"  said AT&T  Chairman and CEO David W. Dorman.  "We saw continued
growth in our local voice and data  businesses,  despite an  unsettled  economic
environment.  We're entering 2003 with a strong focus on meeting customer needs,
improving   shareowner  value  and  maintaining  our  financial  discipline  and
flexibility."

Full Year 2002 Results

For the full year,  the  company  reported a loss of $17.08 per  diluted  share,
which reflects a loss related to discontinued  operations, a loss related to the
adoption of a new accounting standard and income from continuing operations.

The  loss  related  to  discontinued  operations  includes  a $18.95  loss  from
discontinued  operations,  partially offset by a gain of $1.73 per diluted share
from the disposal of discontinued  operations.  The loss related to the adoption
of the new  accounting  standard  was  $1.12  per  diluted  share.  Income  from
continuing operations was $1.26 per diluted share.

Full-year revenue was $37.8 billion, a decline of 10.4 percent from the previous
year.

UNIT HIGHLIGHTS
Note: all comparisons are to same reporting period in prior year

AT&T Business
o    Fourth quarter  revenue $6.6 billion,  down 3.0 percent o Full year revenue
     $26.6  billion,  down 4.1  percent  o  Fourth  quarter  EBIT,  loss of $331
     million, down 3.5 percent
o    Fourth  quarter  EBIT,  excluding  other  income,  equity  earnings and ALA
     charge,  $451  million,  up 26.7  percent  o Fourth  quarter  EBIT  margin,
     excluding other income,  equity earnings and ALA charge, 6.9 percent o Full
     year EBIT, $1.6 billion, up 171.1 percent o Full year EBIT, excluding other
     income,  equity earnings and ALA charge, $3.1 billion,  down 16.4 percent o
     Full year EBIT margin,  excluding  other  income,  equity  earnings and ALA
     charge, 11.6 percent
o    LD voice  revenue  declined  about 10 percent in the  quarter  due to price
     declines,  volume  increased  nearly 7 percent,  which  reflects  wholesale
     volume growth and declining  retail volumes o Local voice revenue grew more
     than  25  percent  in  the  quarter  o  Data/IP/Managed  services  revenue,
     including  customer  premises  equipment sales, grew about 3 percent in the
     quarter

AT&T Consumer
o    Fourth quarter revenue $2.7 billion,  down 20.0 percent o Full year revenue
     $11.5 billion,  down 22.3 percent o Fourth quarter EBIT $395 million,  down
     62.7 percent
o    Fourth  quarter  EBIT,  excluding  other income and equity  earnings,  $389
     million,  down 56.4 percent o Fourth quarter EBIT margin,  excluding  other
     income and equity  earnings,  14.2  percent o Full year EBIT $2.6  billion,
     down 45.7  percent o Full year  EBIT,  excluding  other  income  and equity
     earnings,  $2.6  billion,  down  44.8  percent  o Full  year  EBIT  margin,
     excluding other income and equity earnings, 22.5 percent
o    Any Distance  offer added more than 500,000  subscribers in the quarter and
     at year-end had more than 2.4 million subscribers;  subscriber base doubled
     in 2002


OUTLOOK
AT&T  said  that it does not yet see a  significant  turnaround  in the  overall
business  services  industry,  and, as a result,  expects total telecom industry
spending  will  be  down  again  in  2003.  However,  AT&T  believes  it is well
positioned to continue to take market share and therefore  expects a slower rate
of  revenue  decline  in 2003  compared  to  2002.  Other  expectations  for the
corporation include: o Full-year operating income margin decline,  excluding ALA
charge, to be comparable to the 2002 decline o Diluted EPS for the first quarter
of 2003 in the  range of $0.50 to $0.55 o  Capital  expenditures  for 2003 to be
approximately $3.3 to $3.5 billion

AT&T Business expects a slower rate of revenue decline in 2003 compared to 2002.

AT&T  Consumer  expects the 2003 rate of revenue  decline to be slightly  better
than the decline in 2002.



4th Quarter at a Glance         4Q02 vs. 4Q01   4th Quarter Highlights
                                                                       
AT&T revenue                    $9.3B  (8.6%)   EPS                              $0.66
AT&T Business revenue           $6.6B  (3.0%)   EPS from continuing operations  ($0.79)
AT&T Consumer revenue           $2.7B  (20.0%)
EBIT                            $119M   11.6%
EBIT, excluding other
income, equity earnings
and ALA charge                  $783M  (6.3%)
Capital expenditures            $1.3B  (21.4%)


Year at a Glance                2002 vs. 2001   Full-Year Highlights
AT&T revenue                    $37.8B (10.4%)  EPS                             $(17.08)
AT&T Business revenue           $26.6B (4.1%)   EPS from continuing operations  $  1.26
AT&T Consumer revenue           $11.5B (22.3%)  Total assets                    $ 55.3B
EBIT                            $3.9B  157.8%   Debt, net of cash,
EBIT, excluding other income,                   monetizations and fluctuations
equity earnings and ALA charge  $5.5B  (31.0%)  in foreign debt value           $ 12.9B
Capital expenditures            $3.9B  (30.8%)



The table below  provides a  reconciliation  of EBIT and EBIT,  excluding  other
income,  equity  earnings  and  the ALA  impairment  charge,  to the  comparable
Generally  Accepted  Accounting  Principle  (GAAP)  measure of Operating  (Loss)
Income:



($ in millions)                                 4Q02          2002
                                                        

EBIT                                            $   119       $  3,886
Less:
  Other income (expense)                            208            (77)
  Pretax net earnings (losses) related to
  equity investments                                158           (512)
  Pretax minority interest income                    33            114

Operating (Loss) Income                         $  (280)      $  4,361

EBIT, excluding other income,
equity earnings and ALA impairment charge       $   783       $  5,485
Add:
  ALA impairment charge                          (1,029)        (1,029)
Less:
  Pretax minority interest income*                   34             95
Operating (Loss) Income                         $  (280)      $  4,361



* Excludes minority interest in other income


DEFINITIONS and NOTES
Note:  Financial  statements  have been  restated  to reflect  the  one-for-five
reverse stock split and to reflect AT&T Broadband as a discontinued operation in
all periods presented. AT&T Broadband was spun off on November 18, 2002.

AT&T Group does not  include  the  results of  Liberty  Media  Group,  which was
tracked as a separate  class of stock  through  August 10, 2001,  the  split-off
date.

EBIT refers to earnings before interest,  taxes, cumulative effect of accounting
changes,  dividend  requirements on preferred stock, premium on exchange of AT&T
Wireless tracking stock and discontinued operations.

EBIT,  excluding  other income and equity  earnings,  refers to EBIT,  excluding
other  income  (expense),  and pretax net equity  earnings  (losses)  related to
equity investments.

EBIT,excluding other income,  equity earnings and the ALA charge refers to EBIT,
excluding other income (expense), pretax net earnings (losses) related to equity
investments and the  fourth-quarter  charge related to AT&T's past investment in
AT&T Latin America.

EBIT  margin,  excluding  other  income  and  equity  earnings  refers  to EBIT,
excluding  other income  (expense) and pretax net earnings  (losses)  related to
equity investments as a percentage of reported revenue.

EBIT margin,  excluding  other income,  equity earnings and ALA charge refers to
EBIT, excluding other income (expense),  pretax net earnings (losses) related to
equity  investments  and  the  fourth-quarter  charge  related  to  AT&T's  past
investment in AT&T Latin America as a percentage of reported revenue.

EPS is earnings per diluted share.


------------------------------------------------------------------------------------------------------------------------------------
          AT&T Group Combined Statements of Income (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
             Dollars in millions (except per share amounts)
------------------------------------------------------------------------------------------------------------------------------------
                                                For the Three Months            For the Year
                                                Ended December 31,              Ended December 31,
------------------------------------------------------------------------------------------------------------------------------------
                                                2002          2001              2002          2001
------------------------------------------------------------------------------------------------------------------------------------
                                                                                  
------------------------------------------------------------------------------------------------------------------------------------
Revenue                                        $  9,290       $ 10,168          $ 37,827      $ 42,197
------------------------------------------------------------------------------------------------------------------------------------
Operating Expenses
------------------------------------------------------------------------------------------------------------------------------------
Access and other connection                       2,576          2,830            10,790        12,085
------------------------------------------------------------------------------------------------------------------------------------
Costs of services and products                    2,197          2,322             8,363         8,621
------------------------------------------------------------------------------------------------------------------------------------
Selling, general and administrative               2,077          2,021             7,988         8,064
------------------------------------------------------------------------------------------------------------------------------------
Depreciation and amortization                     1,257          1,156             4,888         4,559
------------------------------------------------------------------------------------------------------------------------------------
Net restructuring and other charges               1,463          1,036             1,437         1,036
------------------------------------------------------------------------------------------------------------------------------------
Total operating expenses                          9,570          9,365            33,466        34,365
------------------------------------------------------------------------------------------------------------------------------------
Operating (loss) income                            (280)           803             4,361         7,832
------------------------------------------------------------------------------------------------------------------------------------
Other income (expense), net                         208            (58)              (77)        1,327
------------------------------------------------------------------------------------------------------------------------------------
Interest (expense)                                 (361)          (413)           (1,448)       (1,493)
------------------------------------------------------------------------------------------------------------------------------------
(Loss) income from continuing operations before
income taxes, minority
interest income, and net earnings (losses)
related to equity investments                      (433)           332             2,836         7,666
------------------------------------------------------------------------------------------------------------------------------------
(Provision) for income taxes                       (225)          (134)           (1,587)       (2,890)
------------------------------------------------------------------------------------------------------------------------------------
Minority interest income                             33             39               114           131
------------------------------------------------------------------------------------------------------------------------------------
Net earnings (losses) related to equity investments  14           (453)             (400)       (4,836)
------------------------------------------------------------------------------------------------------------------------------------
(Loss) income from continuing operations           (611)          (216)              963            71
------------------------------------------------------------------------------------------------------------------------------------
(Loss) from discontinued operations, net of taxes  (197)        (1,175)          (14,513)       (4,052)
------------------------------------------------------------------------------------------------------------------------------------
Gain on disposition of discontinued operations,
net of taxes                                      1,324              -             1,324        13,503
------------------------------------------------------------------------------------------------------------------------------------
Income (loss) before cumulative effect of
accounting changes                                  516         (1,391)          (12,226)        9,522
------------------------------------------------------------------------------------------------------------------------------------
Cumulative effect of accounting changes, net of
taxes                                                 -              -              (856)          359
------------------------------------------------------------------------------------------------------------------------------------
Income (loss) of AT&T Group                         516         (1,391)          (13,082)        9,881
------------------------------------------------------------------------------------------------------------------------------------
Dividend requirements of preferred stock, net         -              -                 -          (652)
------------------------------------------------------------------------------------------------------------------------------------
Premium on exchange of AT&T Wireless tracking stock   -              -                 -           (80)
------------------------------------------------------------------------------------------------------------------------------------
Income (loss) attributable to common shareowners   $516        $(1,391)         $(13,082)        9,149
------------------------------------------------------------------------------------------------------------------------------------
AT&T Common Stock Group:
------------------------------------------------------------------------------------------------------------------------------------
Earnings (loss)                                     516         (1,391)          (13,082)        9,114
------------------------------------------------------------------------------------------------------------------------------------
Weighted-average shares (millions)                  776            708               746           729
------------------------------------------------------------------------------------------------------------------------------------
Weighted-average shares and potential
common shares (millions)*                           776            708               766           729
------------------------------------------------------------------------------------------------------------------------------------
AT&T Common Stock Group - per basic share:
------------------------------------------------------------------------------------------------------------------------------------
(Loss) earnings from continuing operations       $(0.79)        $(0.31)            $1.29         (0.91)
------------------------------------------------------------------------------------------------------------------------------------
(Loss) from discontinued operations               (0.26)         (1.66)           (19.44)        (5.60)
------------------------------------------------------------------------------------------------------------------------------------
Gain on disposition of discontinued operations     1.71              -              1.77         18.53
------------------------------------------------------------------------------------------------------------------------------------
Cumulative effect of accounting changes               -              -             (1.15)         0.49
------------------------------------------------------------------------------------------------------------------------------------
AT&T Common Stock Group earnings (loss)           $0.66         $(1.97)          $(17.53)        12.51

------------------------------------------------------------------------------------------------------------------------------------
AT&T Common Stock Group - per diluted share:
------------------------------------------------------------------------------------------------------------------------------------
(Loss) earnings from continuing operations       $(0.79)        $(0.31)            $1.26         (0.91)
------------------------------------------------------------------------------------------------------------------------------------
(Loss) from discontinued operations               (0.26)         (1.66)           (18.95)        (5.60)
------------------------------------------------------------------------------------------------------------------------------------
Gain on disposition of discontinued operations     1.71              -              1.73         18.53
------------------------------------------------------------------------------------------------------------------------------------
Cumulative effect of accounting changes               -              -             (1.12)         0.49
------------------------------------------------------------------------------------------------------------------------------------
AT&T Common Stock Group earnings (loss)           $0.66         $(1.97)          $(17.08)        12.51
------------------------------------------------------------------------------------------------------------------------------------
Dividends declared per share                   $ 0.1875       $ 0.1875          $   0.75        $ 0.75
------------------------------------------------------------------------------------------------------------------------------------
AT&T Wireless Group:
------------------------------------------------------------------------------------------------------------------------------------
Earnings                                       $      -       $      -          $      -            35
------------------------------------------------------------------------------------------------------------------------------------
Weighted-average shares (millions)                    -              -                 -           438
------------------------------------------------------------------------------------------------------------------------------------
Weighted-average shares and potential
common shares (millions)*                             -              -                 -           438
------------------------------------------------------------------------------------------------------------------------------------
Earnings per basic and common share            $      -       $      -          $      -          0.08
------------------------------------------------------------------------------------------------------------------------------------
* Weighted-average shares assumes dilution from the potential conversion of debt and equity securities and the potential exercise of
  outstanding stock options and other performance awards, unless they are anti-dilutive to earnings (loss) per diluted share.
------------------------------------------------------------------------------------------------------------------------------------




----------------------------------------------------------------------------------------------------------------------------
                      AT&T Group Combined Balance Sheets (Unaudited)
----------------------------------------------------------------------------------------------------------------------------
                                   Dollars in millions
----------------------------------------------------------------------------------------------------------------------------
                                                                                                     At December 31,
                                                                                                  2002            2001
----------------------------------------------------------------------------------------------------------------------------
                                                                                                            
ASSETS
----------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents                                                                      $  8,014       $ 10,680
----------------------------------------------------------------------------------------------------------------------------
Accounts receivable, less allowances of $669 and $754                                             5,286          7,153
----------------------------------------------------------------------------------------------------------------------------
Other receivables                                                                                   173          1,431
----------------------------------------------------------------------------------------------------------------------------
Deferred income taxes                                                                               910          1,192
----------------------------------------------------------------------------------------------------------------------------
Other current assets                                                                              1,520            622
----------------------------------------------------------------------------------------------------------------------------
Total current assets from discontinued operations                                                     -          1,649
----------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS                                                                             15,903         22,727
----------------------------------------------------------------------------------------------------------------------------
Property, plant and equipment, net of accumulated depreciation
   of $31,021 and $29,088                                                                        25,604         26,803
----------------------------------------------------------------------------------------------------------------------------
Goodwill, net of accumulated amortization in 2001 of $564                                         4,626          5,314
----------------------------------------------------------------------------------------------------------------------------
Prepaid pension costs                                                                             3,596          3,329
----------------------------------------------------------------------------------------------------------------------------
Other assets                                                                                      5,543          5,805
----------------------------------------------------------------------------------------------------------------------------
Total non-current assets from discontinued operations                                                 -        101,503
----------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS                                                                                   $ 55,272       $165,481
----------------------------------------------------------------------------------------------------------------------------
LIABILITIES
----------------------------------------------------------------------------------------------------------------------------
Accounts payable                                                                               $  3,819       $  4,156
----------------------------------------------------------------------------------------------------------------------------
Payroll and benefit-related liabilities                                                           1,519          1,606
----------------------------------------------------------------------------------------------------------------------------
Debt maturing within one year                                                                     3,762         10,134
----------------------------------------------------------------------------------------------------------------------------
Other current liabilities                                                                         2,924          3,929
----------------------------------------------------------------------------------------------------------------------------
Total current liabilities from discontinued operations                                                -          5,801
----------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES                                                                        12,024         25,626
----------------------------------------------------------------------------------------------------------------------------
Long-term debt                                                                                   18,812         24,025
----------------------------------------------------------------------------------------------------------------------------
Long-term benefit-related liabilities                                                             4,001          3,459
----------------------------------------------------------------------------------------------------------------------------
Deferred income taxes                                                                             4,739          2,438
----------------------------------------------------------------------------------------------------------------------------
Other long-term liabilities and deferred credits                                                  3,384          7,159
----------------------------------------------------------------------------------------------------------------------------
Total non-current liabilities from discontinued operations                                            -         43,071
----------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES                                                                                42,960        105,778
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
Minority Interest from Discontinued Operations                                                        -          3,303
----------------------------------------------------------------------------------------------------------------------------
Company-Obligated Convertible Quarterly Income Preferred
  Securities of Subsidiary Trust Holding Solely Subordinated
  Debt Securities of AT&T from Discontinued Operations                                                -          4,720
----------------------------------------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY
----------------------------------------------------------------------------------------------------------------------------
AT&T Common Stock, $1 par value, authorized 6,000,000,000 shares;
  issued and outstanding 783,037,580 shares (net of 171,801,716
  treasury shares) at December 31, 2002 and 708,481,149 shares
  (net of 170,349,286 treasury shares) at December 31, 2001                                         783            708
----------------------------------------------------------------------------------------------------------------------------
Additional paid-in capital                                                                       25,464         52,099
----------------------------------------------------------------------------------------------------------------------------
Accumulated deficit                                                                             (13,867)          (785)
----------------------------------------------------------------------------------------------------------------------------
Accumulated other comprehensive loss                                                                (68)          (342)
----------------------------------------------------------------------------------------------------------------------------
TOTAL SHAREOWNERS' EQUITY                                                                        12,312         51,680
----------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREOWNERS' EQUITY                                                      $ 55,272       $165,481
----------------------------------------------------------------------------------------------------------------------------



NOTE TO FINANCIAL MEDIA: AT&T executives will discuss the company's  performance
in a two-way  conference  call for  financial  analysts  at 8:15 a.m.  ET today.
Reporters  are  invited  to  listen  to  the  call.  U.S.  callers  should  dial
888-276-0010  to access  the call.  Callers  outside  the U.S.  should  dial + 1
612-326-1003.

In  addition,  Internet  rebroadcasts  of the call will be available on the AT&T
website beginning later today. The website address is  http://www.att.com/ir.  A
copy of the earnings  commentary is also available  online. An audio rebroadcast
of the conference call will be available beginning in the afternoon on Thursday,
January 23 until midnight on Saturday,  January 25. To access the replay, please
visit http://www.att.com/ir,  or U.S. callers can dial 800-475-6701, access code
661273.  Callers  outside  the U.S.  should  dial +1  320-365-3844,  access code
661273.


The foregoing are  "forward-looking  statements" which are based on management's
beliefs as well as on a number of assumptions  concerning  future events made by
and information currently available to management.  Readers are cautioned not to
put undue reliance on such forward-looking statements, which are not a guarantee
of performance and are subject to a number of  uncertainties  and other factors,
many of which are outside  AT&T's  control,  that could cause actual  results to
differ materially from such statements.  For a more detailed  description of the
factors that could cause such a difference,  please see AT&T's  filings with the
Securities and Exchange  Commission.  AT&T disclaims any intention or obligation
to update or revise any forward-looking  statements,  whether as a result of new
information, future events or otherwise. This information is presented solely to
provide additional information to further understand the results of AT&T.

                                     # # #


                                                                    EXHIBIT 99.2


                                                             [AT&T LOGO OMITTED]
News Release
--------------------------------------------------------------------------------


AT&T Announces Offer to Repurchase $4.3 Billion of Debt for Cash

FOR RELEASE Thursday, January 23, 2003

BEDMINSTER,  N.J.  - AT&T  (NYSE:  T) today  announced  that it has  offered  to
repurchase for cash any and all of its outstanding 6.375 percent Notes due March
15, 2004 and 6.50 percent Notes due March 15, 2013.

The offer will  commence at 9 a.m. EST on Thursday,  January 23, 2003 and expire
at 5 p.m.  EST on  Thursday,  January 30, 2003,  unless  extended or  terminated
earlier. Merrill Lynch and Morgan Stanley are acting as dealer managers and will
repurchase  AT&T's  securities  at any time between 9 a.m. and 5 p.m. on any New
York Stock Exchange trading day during which the offer is open.

The securities  will be repurchased  at a price per $1,000  principal  amount of
each security  purchased.  The purchase price applicable to securities  properly
repurchased  pursuant to the offer will be  calculated  in a manner  intended to
result in a yield  determined by reference to the yield to maturity based on the
bid side price of the applicable U.S.  Treasury  Security as listed below,  plus
the  corresponding  fixed  spread.  Each  price  is  calculated  at the  time of
acceptance of an offer.  In addition,  AT&T will pay accrued and unpaid interest
on the securities up to, but not including,  the date of payment of the purchase
price for the securities.

The following  table sets forth certain  information  relating to the securities
that are included in the offer to repurchase.



CUSIP/ISIN      Aggregate       Security    Reference   Bloomberg       Fixed   Hypothetical
Number          Principa1                   Treasury    Reference       Spread  Purchase
                Amount                      Security    Page                    Price*
                Outstanding
                                                              
001957BE8 /     $1,590,433,000  6.375% due  3.625% due  BBT4            0.50%   $1,050.96
US001957BE87                    3/15/2004   3/31/04

001957BJ7 /
US001957BJ74    $2,736,528,000  6.50% due   4% due      BBT1            2.20%   $1,027.53
                                3/15/2013   11/15/12



*Hypothetical  Purchase  Price based on the yield to  maturity of the  Reference
Treasury  Security as of 2:30 p.m. EST on January 22, 2003 and a settlement date
of January 27, 2003.

Information  regarding  the offers will be available on MCM  Corporate  Watch on
Telerate pages 64164 / 64165 and Bloomberg pages MCM 7889 / 7890.

Requests for documents may be directed to D.F. King & Co., Inc., the Information
Agent, at (212) 269-5550 or (866) 868-2409 in the U.S. or (011)  44-20-7920-9700
in Europe.

Questions  regarding  the offers  should be  directed  to the  dealer  managers:
-Merrill Lynch & Co., at 888-654-8637 (toll free) or 212-449-4914 (call collect)
-Morgan Stanley, at 800-624-1808 (toll free) or 212-761-1959 (call collect)

To accept an offer, holders should contact:

For the 2004 NotesMorgan  Stanley Dealer Sales Desk(201) 536-6709 (call collect)
Attn: Joe LetoorMorgan  Stanley Corporate Bond Trading DeskU.S.:  (212) 761-1324
(call collect)Attn: Tom Skove or Jason SantorielloEurope:  (011) 44-20-7677-7870
Attn:  Charles  Cho For the 2013  NotesMerrill  Lynch  Dealer  Sales  Desk (212)
449-4627 (call collect)Attn:  Gary  KobesorMerrill  Lynch Corporate Bond Trading
DeskU.S.:  (212) 449-4694 (call collect)Attn:  Josh Hershman or Dan Mena Europe:
(011) 44-20-7995-3762Attn: Bill McManus

The foregoing are  "forward-looking  statements" which are based on management's
beliefs as well as on a number of assumptions  concerning  future events made by
and information currently available to management.  Readers are cautioned not to
put undue reliance on such forward-looking statements, which are not a guarantee
of performance and are subject to a number of  uncertainties  and other factors,
many of which are outside  AT&T's  control,  that could cause actual  results to
differ materially from such statements.  For a more detailed  description of the
factors that could cause such a difference,  please see AT&T's  filings with the
Securities and Exchange  Commission.  AT&T disclaims any intention or obligation
to update or revise any forward-looking  statements,  whether as a result of new
information, future events or otherwise. This information is presented solely to
provide additional information to further understand the results of AT&T.



                                                                    EXHIBIT 99.3

Following are unaudited  quarterly income  statements for AT&T. All prior period
information  has been  restated  to reflect  AT&T  Broadband  as a  discontinued
operation. In addition,  prior period share and per share data has been restated
to reflect the one-for-five reverse stock split.



                           AT&T Corp. and Subsidiaries
                Consolidated Statements of Operations (Unaudited)
                 Dollars in millions (except per share amounts)


                                 4Q02      3Q02     2Q02       1Q02     2002       4Q01       3Q01      2Q01      1Q01      2001
                                                                                              
REVENUE
AT&T Business Services           $ 6,588   $6,700   $  6,742   $6,528   $ 26,558   $  6,791   $ 6,807   $ 7,011   $ 7,096   $27,705

AT&T Consumer Services             2,736    2,794      2,911    3,086     11,527      3,420     3,770     3,724     3,929    14,843

Corporate and Other                  (34)     (85)       (73)     (66)      (258)       (43)      (40)     (133)     (135)     (351)

Total Revenue                      9,290    9,409      9,580    9,548     37,827     10,168    10,537    10,602    10,890    42,197


OPERATING EXPENSES
Access and other connection        2,576    2,679      2,747    2,788     10,790      2,830     3,021     3,086     3,148    12,085

Costs of services and products     2,197    2,066      2,086    2,014      8,363      2,322     2,179     1,991     2,129     8,621

Selling, general and
  administrative                   2,077    2,032      1,942    1,937      7,988      2,021     1,891     2,119     2,033     8,064

Depreciation and amortization      1,257    1,243      1,213    1,175      4,888      1,156     1,133     1,141     1,129     4,559

Net restructuring and other
  charges                          1,463      (26)         -        -      1,437      1,036         -         -         -     1,036

Total operating expenses           9,570    7,994      7,988    7,914     33,466      9,365     8,224     8,337     8,439    34,365


Operating (loss) income             (280)   1,415      1,592    1,634      4,361        803     2,313     2,265     2,451     7,832


Other income (expense), net          208     (180)       (50)     (55)       (77)       (58)      570       642       173     1,327

Interest (expense)                  (361)    (355)      (336)    (396)    (1,448)      (413)     (370)     (289)     (421)   (1,493)

(Loss) income from continuing
  operations before income taxes,
  minority interest income, and
  net earnings (losses) related
  to other equity investments       (433)     880      1,206    1,183      2,836        332     2,513     2,618     2,203     7,666


(Provision) for income taxes        (225)    (370)      (513)    (479)    (1,587)      (134)     (891)   (1,005)     (860)   (2,890)

Minority interest income              33       28         33       20        114         39        27        30        35       131
Equity earnings (losses) from
  Liberty Media Group                  -        -          -        -          -          -       111    (2,125)     (697)   (2,711)
Net earnings (losses) related
  to other equity investments         14      (13)      (123)    (278)      (400)      (453)   (3,307)     (951)     (125)   (4,836)

(Loss) income from continuing
  operations                        (611)     525        603      446        963       (216)   (1,547)   (1,433)      556    (2,640)
(Loss) from discontinued
  operations - net of taxes         (197)    (318)   (13,433)    (565)   (14,513)    (1,175)     (548)     (525)   (1,804)   (4,052)
Gain on disposition of
  discontinued operations - net
  of taxes                         1,324        -          -        -      1,324          -    13,503         -         -    13,503
Income (loss) before cumulative
  effect of accounting changes       516      207    (12,830)    (119)   (12,226)    (1,391)   11,408    (1,958)   (1,248)    6,811
Cumulative effect of accounting
  changes, net of taxes                -        -          -     (856)      (856)         -         -         -       904       904

Net income (loss)                    516      207    (12,830)    (975)   (13,082)    (1,391)   11,408    (1,958)     (344)    7,715

Dividend requirements of
  preferred stock, net                 -          -        -          -          -         -     (235)     (236)     (181)     (652)
Premium on exchange of AT&T
  Wireless tracking stock              -          -        -          -          -         -        -       (80)        -       (80)
Net income (loss) attributable
  to common shareowners          $   516   $  207   $(12,830)  $ (975)  $(13,082)  $ (1,391)  $11,173   $(2,274)  $  (525)  $ 6,983

AT&T COMMON STOCK GROUP:
Income (loss) attributable to
  common shareowners             $   516   $  207   $(12,830)  $ (975)  $(13,082)  $ (1,391)  $11,062   $  (191)  $  (366)  $ 9,114

Weighted-average common shares
  (millions)                         776      770        730      709        746        708       707       739       761       729
Weighted-average common shares
  and potential common shares
  (millions)                         776      788        750      738        766        708       707       782       809       729

Earnings (loss) per basic share:

(Loss) earnings from continuing
operations                       $ (0.79)  $ 0.68   $   0.83   $ 0.63   $   1.29   $  (0.31)  $ (2.68)  $  0.51   $  1.41   $ (0.91)

(Loss)from discontinued
  operations                       (0.26)   (0.41)    (18.41)   (0.80)    (19.44)     (1.66)    (0.77)    (0.77)    (2.36)    (5.60)

Gain on disposition of
  discontinued operations           1.71        -          -        -       1.77          -     19.10         -         -     18.53

Cumulative effect of accounting
  changes                              -        -          -    (1.21)     (1.15)         -         -         -      0.47      0.49

Earnings (loss) per share        $  0.66   $ 0.27   $ (17.58)  $(1.38)  $ (17.53)  $  (1.97)  $ 15.65   $ (0.26)  $ (0.48)  $ 12.51

Earnings (loss) per diluted
  share:

(Loss) earnings from continuing
  operations                     $ (0.79)  $ 0.67   $   0.80   $ 0.60   $   1.26   $  (0.31)  $ (2.68)  $  0.48   $  1.32   $ (0.91)

(Loss) from discontinued
  operations                       (0.26)   (0.41)    (17.91)   (0.76)    (18.95)     (1.66)    (0.77)    (0.72)    (2.21)    (5.60)

Gain on disposition of
  discontinued operations           1.71        -          -        -       1.73          -     19.10         -         -     18.53

Cumulative effect of
  accounting changes                   -        -          -    (1.16)     (1.12)         -         -         -      0.44      0.49

Earnings (loss) per share        $  0.66   $ 0.26   $ (17.11)  $(1.32)  $ (17.08)  $  (1.97)  $ 15.65   $ (0.24)  $ (0.45)  $ 12.51

AT&T WIRELESS GROUP:

Earnings (loss)                        -        -          -        -          -          -         -   $    42   $    (7)  $    35
Weighted-average common
  shares and potential
  common shares (millions)             -        -          -        -          -          -         -       513       363       438

Earnings (loss) per basic
  and diluted share                    -        -          -        -          -          -         -   $  0.08   $ (0.02)  $  0.08


LIBERTY MEDIA GROUP:
Earnings (loss)                        -        -          -        -          -          -   $   111   $(2,125)  $  (152)  $(2,166)
Weighted-average common
  shares and potential
  common shares (millions)             -        -          -        -          -          -     2,588     2,588     2,574     2,582

Earnings (loss) per basic
  and diluted share:
Earnings (loss) from
  continuing operations                -        -          -        -          -          -   $  0.04   $ (0.82)  $ (0.27)  $ (1.05)
Cumulative effect of
  accounting change                    -        -          -        -          -          -         -         -      0.21      0.21
Earnings (loss) per share              -        -          -        -          -          -   $  0.04   $ (0.82)  $ (0.06)  $ (0.84)




                                                                    EXHIBIT 99.4

Statements of Thomas W. Horton made on January 23, 2003

Over the past  year,  AT&T has  reduced  its net debt  balance  by more than $21
billion,  to end the year  with net debt of  $12.9  billion,  well  ahead of our
guidance of a mid-teens  level. As a result,  our net-debt to EBITDA,  excluding
the AT&T Latin America asset impairment charge at year-end was 1.25x.

                                      *****


Effective with our next earnings call, we will no longer be providing  quarterly
or annual EPS guidance.

                                      *****


Reflected  in our  segment and  corporate  outlook  are  increases  in two major
non-cash  expenses  that I  would  like  to  briefly  highlight.  The  first  is
associated  with our pension plans.  For the 2003 plan year, we have changed the
discount rate assumption from 7.25% to 6.50%. We have also reduced the long-term
expected  return on plan  assets  rom 9.0% to 8.5% to  reflect a  moderation  in
long-term returns in the financial markets.  We believe that our assumptions are
appropriately  conservative,  relative to both our historical  long-term average
returns and the  assumptions  used by other large  companies.  These  changes in
assumptions  are expected to reduce  operating  income in 2003 by  approximately
$100  million.  I'd also like to point out that our  pension  plans  remain well
funded on the IRS (ERISA) basis and, as we have previously  stated, we would not
be  required to make any cash  contributions  to our  pension  plan in 2003.  In
addition,  we expect to have minimal, if any, cash contribution  requirements in
2004. The second  non-cash  charge  pertains to accounting for stock options and
the employee  stock  purchase  plan. At this point,  while there are a number of
variables to this calculation, we'd estimate the collective impact to be up to a
$70  million  reduction  in  operating  income in 2003.  There will be a minimal
impact in the first  quarter,  and most of the impact  will begin at the time of
our 2003 annual stock option grants in the second quarter.

Net Debt Reconciliation

dollars in billions

At December 31,                                    2002            2001
                                                ------------    ------------

Total debt                                            $22.6           $34.2
Less cash *                                             8.5            10.7
                                                ------------    ------------
Net Debt                                               14.1            23.5

Less:
Monetizations                                           0.5             1.3
Fluctuations in Foreign Debt Value                      0.7            (0.2)

                                                ------------    ------------
Sub-total                                              12.9            22.4

AT&T Broadband Total Debt net of
  AT&T Broadband Monetizations                            -            12.1
                                                ------------    ------------

Net Debt excluding Monetizations and
                                                 ------------    ------------
  Fluctuations in Foreign Debt Values                  $12.9           $34.5
                                                 ============    ============

*    At December 31, 2002,  cash includes  $0.4 billion of restricted  cash that
     collateralizes  a portion of private debt and is included in "Other Assets"
     in the balance sheet.


Reconciliation of EBITDA.

The table below provides a  reconciliation  of EBITDA (earnings before interest,
taxes,  depreciation  and amortization  and minority  interest)  excluding other
income (expense),  pretax equity earnings, and the AT&T Latin America impairment
charge, to the comparable Generally Accepted Accounting Principle (GAAP) measure
of Operating Income.


($s in millions)

                                                                    2002
                                                                 ------------

EBITDA excluding other income (expense), pretax
  equity earnings and the AT&T Latin America
  impairment charge                                                $ 10,278


Add:
   AT&T Latin America impairment charge                              (1,029)
   Depreciation and amortization                                     (4,888)

                                                                 ------------
Operating Income                                                    $ 4,361
                                                                 ============


The foregoing are  "forward-looking  statements" which are based on management's
beliefs as well as on a number of assumptions  concerning  future events made by
and information currently available to management.  Readers are cautioned not to
put undue reliance on such forward-looking statements, which are not a guarantee
of performance and are subject to a number of  uncertainties  and other factors,
many of which are outside  AT&T's  control,  that could cause actual  results to
differ materially from such statements.  For a more detailed  description of the
factors that could cause such a difference,  please see AT&T's  filings with the
Securities and Exchange  Commission.  AT&T disclaims any intention or obligation
to update or revise any forward-looking  statements,  whether as a result of new
information, future events or otherwise. This information is presented solely to
provide additional information to further understand the results of AT&T.