T-Mobile has reported its quarterly results, beating analysts’ estimates and reporting strong subscriber growth.
T-Mobile is known for large gains in the subscriber department, and this quarter was no exception. The company posted 1.4 million net additions, beating both AT&T and Verizon.
The company also posted $19.76 billion in revenue, up from $11.11 billion in the year-ago quarter, a 78% increase. Net profit came in at $933 million, or $0.74 a share. In contrast, analysts were expecting $0.54 a share.
T-Mobile’s acquisition of Sprint is moving ahead, with roughly 20% of Sprint customers already moved over to the T-Mobile network. In addition, 50% of Sprint customer traffic is now on the T-Mobile network.
“T-Mobile puts customers at the center of everything we do by giving them the best network, value and experience all at once – and this quarter’s stellar, industry-leading results prove that they’re noticing,” said Mike Sievert, CEO of T-Mobile. “We just keep pushing further ahead of the competition. Our network leadership is fueling customer momentum, delivering merger synergies and expanding our addressable markets for growth. We have so much confidence that we are raising 2021 guidance just one quarter into the year. Our mission is to be the very best at connecting customers to their world and we’re delivering on it.”