Shares of Verizon rose 2.3 percent by midday after the report.
Here's how the telecom giant did:
Analysts had forecast a strong report even as the industry faces antitrust uncertainty.
Earnings for the first quarter were 23 percent higher than a year earlier and revenue was nearly 7 percent above a year ago.
The company attributed the growth to "solid performance" in its wireless business. Revenue for the division, excluding adjustments, totaled $21.9 billion and marked a year-over-year increase of 4.7 percent.
Net losses in connected phones and tablets were offset by a gain of 359,000 in other connected devices, primarily wearables.
Verizon has struggled in the past to maintain consistent net adds of retail postpaid connections — the number representing users locked into a contract.
Officials are investigating whether the carriers colluded in stifling technology that would allow customers to more easily change providers.
Antitrust scrutiny has also loomed over merger talks between industry peers T-Mobile and Sprint — a tie-up that, if completed, would pose a greater challenger to leaders AT&T and Verizon.
CNBC reported earlier this month those merger talks had resumed.
As of Monday's close, shares of Verizon were down 8 percent in 2018, trading below $49 and more than 20 percent off the stock's 1999 all-time high of $62.29.
Correction: An earlier version misstated the period for when Verizon's postpaid accounts declined by 307,000. It was in the first quarter of 2017.