AT&T exceeded profit expectations in Q2, adding 401,000 new wireless subscribers, surpassing estimates. The company plans to invest $3.5 billion in expanding its fiber network with savings from the new tax law. Verizon also benefited from the tax law, with an increased annual forecast. AT&T expects to save $6.5 to $8 billion in cash taxes through 2027. The acquisition of Lumen’s fiber business is projected to boost AT&T to over 60 million fiber locations by 2030. Revenue was $30.8 billion, beating estimates, with adjusted earnings per share of 54 cents also surpassing expectations. Mobility revenue grew 6.7% due to subscriber gains and increased wireless device sales volumes.

Read more at Yahoo Finance: AT&T’s bundled plans spur subscriber surge, tax savings to fund fiber expansion