T-Mobile Posts Higher 3Q Revenue, Profit as Wireless Customers Increase

By Connor Hart

T-Mobile gained a higher-than-expected number of wireless customers in the third quarter, sending its revenue and profit higher.

The cell carrier on Wednesday reported a profit of $3.06 billion, or $2.61 a share, compared with $2.14 billion, or $1.82 a share, in last year's quarter. Analysts surveyed by FactSet were expecting per-share earnings of $2.43.

Total service revenue rose 4.7% to $20.16 billion, beating the $20.01 billion that analysts were looking for, according to FactSet.

T-Mobile added 865,000 postpaid phone connections, up from the 850,000 it added in the same quarter last year. That figure topped Wall Street analyst expectations for gains of 727,500, and outpaced rivals AT&T and Verizon.

Earlier in the day, AT&T said it added 403,000 postpaid phone connections during the recent quarter. Verizon on Tuesday reported a net gain of 239,000 postpaid phone connections.

T-Mobile now expects postpaid net customer additions between 5.6 million and 5.8 million for the year, up from a prior outlook of 5.4 million to $5.7 million. Analysts surveyed by FactSet expect 5.55 million.

Write to Connor Hart at [e-mail]

(END) Dow Jones Newswires

10-23-24 1632ET