(Bloomberg) -- Verizon Communications Inc. reported fourth-quarter financial results that beat analysts’ estimates, including gains in new mobile-phone and broadband customers.

Verizon recorded a net gain of 568,000 monthly phone subscribers, according to a statement Friday, beating the 498,000 that analysts were estimating on average.

Fourth-quarter operating revenue increased to $35.7 billion, topping the $35.3 billion average of estimates. Adjusted earnings increased to $1.10 a share, topping projections by a penny.

Broadband was also a bright spot. Verizon added 408,000 net broadband subscribers in the fourth quarter, almost doubling analysts’ expectations of 227,000. Fios fiber customers increased by 51,000 while the company added 373,000 customers in its fixed wireless business.

Verizon agreed in September to acquire Frontier Communications for about $9.59 billion to expand its high speed internet business. A month later, the reached a deal to buy spectrum licenses from US Cellular Corp. for $1 billion.

Verizon is the first of the big three US telecom companies to report fourth-quarter earnings . AT&T Inc. reports on Jan. 27 and T-Mobile US Inc. follows on Jan. 29.