AT&T’s adjusted EBITDA of $11.5 billion was up from $11.0 billion a year ago. It spent $4.3 billion on Capex. Net income of $4.7 billion rose compared to $3.8 billion in the year-ago quarter.

AT&T's postpaid phone net adds came in at 324,000, significantly above Street expectations of 253,000, the analyst stated. He added, however, that postpaid phone churn was elevated during the quarter.

AT&T's shares gave up premarket gains and traded largely flat. Total revenue rose 2% to $30.6 billion in the first quarter, compared with analysts' estimate of $30.35 billion, according to LSEG data.