"Worst quarter in 20 years!?" Each company made $3.5B in three months, still a heckuva lot of money. Don't feel sorry for them; they remain among the most profitable companies in the world. They just aren't quite as strong as when they led an effective cartel. The cartel busted in wireless because of excessive greed. They left T-Mobile and Sprint no choice but to cut prices to win some market share. Both stocks are down, but still doing well for companies without growth. Verizon's market cap is $190B, AT&T $242B.
On wired, Verizon has been disinvesting since virtually stopping upgrades back in 2009. They are getting clobbered where they still have 15-year-old DSL technology, as cable goes to 50-70 megabits standard.