T-Mobile Q3: 1.7 million net adds, earnings better than expected, revenue shy of estimates
CNE
T-Mobile added 1.7 million net connections in its third quarter and 754,000 postpaid phones, as it continues to outpace Verizon and AT&T in adding subscribers.
The company reported third-quarter earnings of $870 million, or $1.01 a share, on revenue of $11.1 billion, up 2% from a year ago. Wall Street was looking for earnings of 96 cents a share on revenue of $11.33 billion.
Meanwhile, T-Mobile said it has accelerated the launch of its 5G network with nationwide service by the end of the year.
For 2019, T-Mobile said it expects to add branded postpaid net additions of 4.1 million to 4.3 million, better than previous guidance that topped out at 4 million.
T-Mobile results landed shortly after AT&T and Verizon reported.
On a conference call with analysts, CEO John Legere said he expects T-Mobile's planned purchase of Sprint to close in early 2020. He said:
"We have a lot of leaders that recognize the benefits of this transaction will deliver for consumers in their state and beyond. Now as you know, the state AG trial is set to begin on December 9. In the meantime, we continued to be open to and are having many discussions with the state AGs. We now expect the merger will be permitted to close in early 2020."
He also touted a Nov. 7 event that'll outline the company's next phase. Legere said:
"Mark November 7 on your calendars because we are going to announce our first Un-carrier move for the new T-Mobile, sharing some of our plans and commitments for the future. That's right. New T-Mobile, Un-carrier 1.0, November 7, stay tuned."