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(Reuters) -U.S. wireless carrier AT&T Inc raised its annual profit forecast on Thursday, buoyed by strong demand for its phone and internet services and as more Americans upgraded to 5G plans.

The company has doubled down on promotional activities to add subscribers in a highly competitive telecoms market where customers are cutting back on discretionary spending due to decades-high inflation.

AT&T added 708,000 net new monthly bill paying wireless phone subscribers in the third quarter, surpassing Factset estimates of 552,300 additions.

The company now expects adjusted profit per share for the full year to be $2.50 or higher compared with earlier expectations of $2.42 to $2.46 per share.

In the third quarter, AT&T’s total revenue rose 3% to $30 billion, exceeding expectations of $29.86 billion, according to Refinitiv data.

Adjusted earnings per share came in at 68 cents per share.

Share of the company were up 1.8% in premarket trading.

(Reporting by Eva Mathews and Savyata Mishra in Bengaluru; Editing by Arun Koyyur)

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