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Investing.com - T-Mobile raised its forecast for postpaid net customer additions after the telecoms group added more wireless subscribers than anticipated in the third quarter.
Faced with intense competition during a time of increased wireless market saturation and spiking internet usage, T-Mobile has been rolling out plans that have bundled together its mobile services with streaming services like Netflix and Apple TV+.
Fueled in part by this strategy, which has also included aggressive add-ons and other perks designed to entice customers, T-Mobile’s third-quarter postpaid phone customer additions climbed to 1.01 million -- its highest total for the period in more than a decade.
The company subsequently lifted its estimate for full-year postpaid net customer additions to a range of 7.2 million to 7.4 million, compared to a previous projection of 6.1 million to 6.4 million.
Core adjusted earnings before interest, taxes, depreciation and amortization is also now seen at $33.70 billion to $33.90 billion, versus Wall Street expectations of $33.81 billion. It had previously guided for $33.3 billion to $33.7 billion.
For the quarter ended on September 30, Bellevue, Washington-based T-Mobile posted total sales of $21.96 billion, rising by 8.9% from a year ago. Adjusted core profit also ticked up by 5.3% to $8.68 billion. Analysts had predicted the figures would stand at $21.98 billion and $8.62 billion, respectively.
Shares of T-Mobile were lower by over 2% in premarket U.S. trading in the wake of the results.