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AT&T today said its profit in the second quarter likely will be lower than last year's, in part because sales of various products have fallen short of expectations.

The softness will make it more difficult for American Telephone & Telegraph Co. to meet its long-term objective of achieving 10 percent to 12 percent growth in annual earnings, the company said.

But AT&T said it stands by its earlier projection that net income for all of 1990 will rise to a record level. This year's profit is expected to surpass the 1989 earnings of $2.7 billion, or $2.50 a share.

The company blamed market conditions and a sluggish economy for weakening its product sales in the quarter that will end Friday.

AT&T spokesman Dick Gray said results from April and May indicate sales to small and large U.S. businesses of telephone equipment, including such things as electronic switchboards, have been unexpectedly low.

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