AT&T (T) shares surged Monday morning after the telecommunications giant reported better-than-expected fourth-quarter results.

The company reported net income that jumped 70% year-over-year to $4.41 billion, or 56 cents per share, on revenue of $32.3 billion. Analysts polled by Visible Alpha expected profit of $3.38 billion, or 46 cents per share, on roughly flat revenue of $32.07 billion.

"The strong results this quarter are the result of a four-plus-year period of hard work and consistent execution by our teams, which has positioned us well for a new era of growth," CEO John Stankey said.

The company also said it expects low-single-digit 2025 service revenue growth, along with adjusted EBITDA growth of at least 3%.

AT&T added a net 482,000 postpaid phone customers in the quarter, along wi🎀th 307,000 net subscribers for its fiber internet service, which it said has gained at least 200,000 net adds for 20 consecutive quarters.

AT&T shares were up about more than 6% shortly at market open Monday to $24.18, reaching their highest level since May 2021. They had gained more than 30% over the last 12 months through Friday's close.

AT&T's rival Verizon Communications (VZ) 澳洲幸运5官方开奖结果体彩网:beat Q4 estimates on Friday, and T-Mobile (TMUS) is slated to report results on Wednesday morning.

UPDATE—This article has been updated with the latest share price information and AT&T's reported subscriber growth.