(Reuters) – T-Mobile US Inc (TMUS.O) on Wednesday said it added more wireless subscribers than Wall Street had expected, as the third-largest U.S. wireless carrier gained customers, helped by its lower prices.
A T-Mobile logo is seen on the storefront door of a store in Manhattan, New York, U.S., April 30, 2018. REUTERS/Shannon Stapleton
T-Mobile is working to convince regulators to approve its acquisition of Sprint Corp (S.N). A combined company would be able to better compete against its larger rivals Verizon Communications Inc (VZ.N) and AT&T Inc (T.N), and combine resources to build the next-generation wireless network, or 5G. The Bellevue, Washington-based company added 686,000 wireless subscribers during the second quarter, compared to 786,000 added in the previous year. Analysts had expected T-Mobile to add 467,000 subscribers, according to research firm FactSet. Shares of T-Mobile rose 1.5 percent to $60.25 in after-market trading on Wednesday. T-Mobile’s revenue rose to $10.57 billion from $10.2 billion a year earlier, but missed Wall Street’s estimate of $10.64 billion, according to FactSet. Net income rose 35 percent to $782 million, or 92 cents per share, up from $581 million, or 67 cents per share, in the prior-year quarter. T-Mobile said on Monday that Finland’s Nokia (NOKIA.HE) would supply it with network equipment for 5G in a $3.5 billion deal, the world’s largest 5G deal so far.
Reporting by Sheila Dang; Editing by Phil Berlowitz