T-Mobile used its quarterly earnings report to announce that it has leapfrogged AT&T and is now the nation’s No. 2 wireless provider following its blockbuster $26.5 billion merger with Sprint that closed April 1.
The Bellevue, Wash.-based company added 1.25 million subscribers in the second quarter ending June 30. T-Mobile now has 98.3 million customers with the addition of Sprint subscribers, ranking second in the U.S. behind Verizon. That’s up from 68.5 million customers at end of Q1.
“Now we’re setting our sights on #1 – in customer choice and customers’ hearts – and we’ll get there by doing ONLY what the Un-carrier can do: offering customers the most advanced 5G network AND the best value while continuing to make big moves that fix customer pain points and disrupt this industry,” T-Mobile CEO Mike Sievert said in a statement. “I’m excited about what’s to come in this new T-Mobile era – we’re just getting started!”
T-Mobile reported $17.7 billion in revenue and earnings per share of $0.09. Shares were up 5% in after-hours trading. T-Mobile stock is up nearly 50% since mid-March.
The company last week transitioned Sprint stores to T-Mobile branding. In a blog post, Sievert said the transition “marks the beginning of a new era for T-Mobile” and touted some of the progress thus far for the newly-combined company, including its new Scam Shield initiative and 4-line $100/month plan.
T-Mobile said its 5G network is live in more than 7,500 cities, covering more than 250 million people across 1.3 million square miles. That’s more than double than AT&T’s geographic coverage and “exponentially more than Verizon,” according to T-Mobile.
"Verizon…they pulled ahead of the pack and dictated network competition by being first with 4G LTE widely. That same advantage is ours for the 5G era," says @TMobile CEO @MikeSievert. $TMUS pic.twitter.com/SqJzutFhmv
— CNBC's Closing Bell (@CNBCClosingBell) August 6, 2020
