AT&T added 155,000 U-verse TV and 553,000 U-verse Internet subscribers during the second quarter of 2012, growing its total U-verse subscriber count to 6.8 million.

"U-verse revenue growth has been amazing. It's now a $9 billion annualizedrevenue stream, growing at about 38 percent year over year," CFO John Stephens told analysts on AT&T's earnings call Tuesday morning.

AT&T ended the quarter with 4.1 million U-verse TV and 6.5 million U-verse Internet subscribers. The telco is on track to exceed pay-TV subscriber growth at Verizon, which reported last week that it picked up 134,000 FiOS TV subscribers during the second quarter, growing its cable-TV customer base to 4.5 million. While Verizon executives said they expect FiOS subscriber growth to slow, Stephens said there is "a lot of room for further growth" from U-verse customers.

More than half of its U-verse broadband customers subscribe to a tier that delivers speeds of 12 Mbps or higher, up from 39 percent this time last year. About 90 percent of new U-verse TV customers also subscribe to U-verse Internet, AT&T said. The company generated an average of $170 monthly in average revenue from U-verse subscribers that take its triple play, up slightly compared to the second quarter of 2011.

AT&T saw its consolidated revenue increase 0.3 percent to $31.6 billion during the second quarter. It posted $3.9 billion (66 cents per share) in net income, up from $3.6 billion (60 cents per share) last year.