(Reuters) – Verizon Communications Inc (NYSE: ) reported fewer than anticipated monthly phone subscribers during the first quarter. It is an indication that wireless carriers are benefiting from their large investment in new 5G networks and services.

The company reported Friday a decline of 36,000 monthly telephone subscribers, in comparison to Factset’s estimate of a loss at 49,300.

Verizon’s total revenue rose 2.1%, to $33.6 billion in the past three months, surpassing Wall Street’s estimation of $33.54 trillion, according IBES data by Refinitiv.

Although strong demand for high speed internet has helped boost the bottom line for telecom companies, analysts believe that the severe growth may slow down as the pandemic loses its grip over the globe.

Verizon is a leader in bundles that include more services. The company has witnessed steady growth in fixed wireless access, or home broadband via 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 an share, exempting any other items.

Verizon has updated its guidance for the full year to anticipate wireless service revenue growth of between 9% and 10%.