Verizon Communications Inc., the largest U.S. wireless carrier, missed analysts’ first-quarter profit estimates as it deeply discounted Apple Inc. iPhones and other mobile devices.

Earnings excluding some items were 84 cents a share, the New York based company said in a statement. That compares with the 95-cent average of estimates compiled by Bloomberg. Sales rose to $32 billion, while analysts had projected $32.3 billion.

Phone discounts during and after the holiday season along with tablet promotions chipped away at profit. While the industry price battles helped Verizon attract 565,000 monthly subscribers, that was short of the 587,000 average estimate among analysts surveyed by Bloomberg.

The miss “magnifies investor’s fears of growing competitive pressure — mainly in wireless,” Kevin Roe, an analyst with Roe Equity Research in Dorset, Vermont, said before the earnings report was released.

Verizon shares rose 0.3 percent to $49.52 in early trading in New York. While the stock dropped 4.8 percent last year, it has gained 5.6 percent this year through Monday.