  We analyse the double-discontinuities of the four-point correlator of the
stress-tensor multiplet in N=4 SYM at large t' Hooft coupling and at order
$1/N^4$, as a way to access one-loop effects in the dual supergravity theory.
From these singularities we extract CFT-data by using two inversion procedures:
one based on a recently proposed Froissart-Gribov inversion integral, and the
other based on large spin perturbation theory. Both procedures lead to the same
results and are shown to be equivalent more generally. Our computation
parallels the standard S-matrix reconstruction via dispersion relations. In a
suitable limit, the result of the conformal field theory calculation is
compared with the one-loop graviton scattering amplitude in ten-dimensional IIB
supergravity in flat space, finding perfect agreement.
