T-Mobile continued its assent in the US wireless industry, turning in a record-breaking Q2 and raising guidance across the board.
The magenta carrier added 1.3 million customers, and led the industry with 627,000 postpaid phone net additions, 2.5x more than last year. The company had $20 billion in revenue, a 13% growth year over year.
Net income came in at $978 million, 8x more than last year, representing earnings per share of $0.78. In contrast, analysts were expecting $19.34 billion, with $0.53 per share earnings.
T-Mobile also continued its 5G dominance, covering 305 million people and 1.7 million square miles with its Extended Range 5G. The company was quick to point out that this represents more coverage than Verizon and AT&T combined.
At the same time, T-Mobile’s Ultra Capacity 5G, with average speeds of 350 Mbps, covers 165 million people. The company says it is on track to cover 200 million by year’s end.
“Stellar postpaid customer gains and industry-leading service revenue growth translated into industry-best growth in profitability and cash flow, and drove another beat and raise quarter – all fueled by unprecedented synergies that only T-Mobile can deliver,” said Mike Sievert, CEO of T-Mobile. “As we capitalize on our 5G leadership, it’s increasingly clear that our unmatched network, outstanding value and customer-centric experiences are setting the Un-carrier apart from everyone else.”