Verizon Communications Inc on Tuesday reported quarterly revenue that exceeded analyst estimates as phone subscribers grew while tax cuts helped its profits soar, boosting its shares in premarket trading.

The company added 431,000 phone subscribers who pay a monthly bill on a net basis. Analysts at Wells Fargo said in an earlier note that they expected 320,000.

Verizon shares were up 1.03 percent at $54.00 in trading before the U.S. stock market opened.

The No. 1 U.S. wireless carrier said last week a tax-overhaul bill signed into law by U.S. President Donald Trump late last year would result in a one-time reduction in net deferred income tax liabilities of about $16.8 billion.

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