AT&T Inc. has reported a modest increase in quarterly revenue, driven by a rise in subscribers for its postpaid mobile phone plans and broadband services.

The telecommunications giant announced a 2.3% year-over-year increase in second-quarter revenue, reaching $31.6 billion, propelled by growth in its postpaid mobile and broadband customer base.

AT&T Inc (T) saw its shares rise 1.41% as its quarterly revenue grew, with an increasing number of customers opting for the company's postpaid mobile plans and broadband offerings.

The company disclosed on Wednesday that it achieved a record net addition of fiber and fixed wireless broadband subscribers for the quarter. Additionally, the net addition of consumer postpaid wireless accounts reached its highest level in over three years.

Earnings from continuing operations for the second quarter were $0.66 per share, up from $0.62 per share in the same period last year.

Adjusted earnings per share came in at $0.65, exceeding the FactSet analyst consensus estimate of $0.59.

Total revenue for the quarter was $31.6 billion, representing a 2.3% increase. This figure was slightly below the analyst forecast of $31.8 billion.

Revenue from the core Communications segment, which is the primary revenue driver, rose 4.1% to $28.62 billion. This growth was fueled by the fiber and wireless businesses. Revenue from legacy services declined by 26%, attributed to the ongoing shutdown of copper networks and reduced demand. Revenue in Latin America grew by 16%.

AT&T added a net 432,000 postpaid phone subscribers, surpassing analyst expectations of approximately 338,500. The postpaid phone churn rate was 0.86%.

In the broadband segment, the company reported a combined net addition of 646,000 subscribers for consumer and business customers. This included 367,000 new fiber broadband subscribers and 279,000 new fixed wireless broadband subscribers.

CEO John Stankey expressed confidence in the company's market position, announcing an acceleration of share repurchases for the year, with the full-year target raised to approximately $10 billion. He stated that AT&T possesses structural advantages that position it favorably for the next generation of communications competition.

Stankey remarked, "We believe our network capabilities and operational scale are difficult for competitors to replicate."

The company reaffirmed its full-year guidance, expecting adjusted earnings per share in the range of $2.25 to $2.35. It continues to execute its capital return plan, aiming to return at least $45 billion to shareholders through dividends and share buybacks by 2028.

In May of this year, AT&T introduced new rate plans, with single-line options starting as low as $15 per month. These plans target independent adults, aiming to attract them away from family shared plans to individual communication services.