T-Mobile Tops Subscriber Estimates, Lifts Forecast for the Year
(Bloomberg) -- T-Mobile US Inc. posted subscriber gains that exceeded analysts’ predictions and raised its customer forecast for the year, once again outpacing larger rivals Verizon Communications Inc. and AT&T Inc., which both fell short of estimates earlier this week.
- T-Mobile, which is awaiting for regulatory approval of its $26.5 billion takeover of Sprint Corp., said Thursday that it added 1 million regular monthly subscribers in the first quarter. Analysts anticipated 841,000 new mobile customers. Earnings of $1.06 a share also exceeded estimates.
- T-Mobile typically gives a conservative wireless subscriber forecast at the beginning of the year, only to raise it later. This time fits the pattern again: The company increased its range to 3.1 million and 3.7 million, up from 2.6 million to 3.6 million in February.
- Chief Executive Officer John Legere was in Washington last week to try to convince Justice Department antitrust chief Makan Delrahim that the Sprint combination would be good for consumers and stimulate the industry, according to people familiar with the matter. The deal was announced almost a year ago.
- It’s the 13th straight quarter of beating earnings estimates for T-Mobile, according to data compiled by Bloomberg.
- Shares was little changed in late trading Thursday. The stock is up 14 percent over the past year, compared with a gain of 11 percent for Verizon and a drop of 14 percent for AT&T.
- See details from the results here.
- Read statement here.
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