T-Mobile beats phone subscriber estimates, shares rise 5%

(Reuters) - T-Mobile US Inc on Thursday added more postpaid phone subscribers than analysts had expected in the third quarter, as demand for its services picked up with people staying at home due to the COVID-19 pandemic.

Reuters November 06, 2020 04:05:11 IST
T-Mobile beats phone subscriber estimates, shares rise 5%

TMobile beats phone subscriber estimates shares rise 5

(Reuters) - T-Mobile US Inc on Thursday added more postpaid phone subscribers than analysts had expected in the third quarter, as demand for its services picked up with people staying at home due to the COVID-19 pandemic.

Shares of T-Mobile rose 4.9% to $123.10 in after-hours trading.

U.S. wireless carriers such as T-Mobile, AT&T Inc and Verizon Communications Inc have benefited as many Americans continue to work from home during the virus outbreak, boosting demand for its phone, TV and internet services.

T-Mobile added a net 689,000 phone customers who pay a recurring monthly bill during the quarter ended Sept. 30, above analyst estimates of 422,000, according to research firm FactSet.

The company's net income rose to $1.25 billion (£951 million), or $1.00 per share, in the third quarter, from $870 million, or $1.01 per share, a year earlier.

Total revenue rose to $19.27 billion from $11.06 billion, compared with estimates of $18.34 billion, according to IBES data from Refinitiv.

The wireless carrier expects postpaid phone net customer additions to be between 1.3 million and 1.4 million in the second half of 2020, including 600,000 to 700,000 in the fourth quarter.

(Reporting by Eva Mathews in Bengaluru and Sheila Dang in New York; Editing by Shounak Dasgupta and Alistair Bell)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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