Verizon CommunicationsThe wireless carrier saw a decrease in monthly subscribers to its mobile phone service in the first quarter. This is a result of the large investments it made in 5G and new broadband networks.

Friday’s report by the company showed a 36,000-percent loss in monthly subscribers to its phone service. This is in contrast with Factset’s 49,300 loss.

Verizon reported that total revenue increased 2.1% to $33.6 Billion for the period. This is well above Wall Street’s $33.54B estimate, according to IBES data compiled by Refinitiv.

The strong demand for high-speed internet in order to enable hybrid work and education has supported the bottom line. However, analysts predict that this torrid growth may begin to slow as the pandemic begins to loosen its grip.

Verizon is a leader in bundles that include more services. The company has witnessed steady growth in fixed wireless access, or home broadband that is delivered over a 5G network in the last quarters.

However, net income fell 12.4%, to $4.7billion in the third quarter. Verizon stated that this included a loss pre-tax from special items, which was approximately $1.5billion. It also includes a loss pre-tax from early debt redemption costs of $1.2billion.

The company’s earnings were $1.35/share, exempting any other items.

Verizon revised its full-year guidance, predicting that wireless service revenue will grow at the lower end than the range previously set of 9%-10%.

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