April 22 (Reuters) - AT&T Inc’s wireless subscriber additions more than doubled first-quarter estimates, as the reopening of the U.S. economy after months of pandemic-led restrictions boosted its smartphone sales and media business, pushing revenue past Street targets.
The company said on Thursday it added 595,000 net wireless phone subscribers in the quarter, compared with estimates of 268,800, according to research firm FactSet.
The company has been investing heavily in its 5G wireless network and bundling free streaming service for HBO Max with certain phone plans to attract customers.
AT&T’s WarnerMedia added 2.7 million HBO Max and HBO subscribers in the quarter as viewers flocked to Netflix Inc’s rival that began making its entire box office slate available on streaming service the same day the movies hit theaters.
HBO and HBO Max had 44.2 million U.S. subscribers at the end of the quarter, AT&T said.
Revenue for the company was up nearly 3% at $43.9 billion, compared with analysts’ average estimate of $42.69 billion, according to IBES data from Refinitiv.
Separately, rival Verizon Communications Inc has said it lost more wireless subscribers than expected during the first quarter as it battled intense competition from T-Mobile US Inc and AT&T to attract customers.
Reporting by Akanksha Rana in Bengaluru and Sheila Dang; Editing by Shinjini Ganguli