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T-Mobile reported a profit per share of $1.58 on revenue of $19.63, which compares to the consensus for earnings of $1.52 per share on revenue of $19.85 billion. Overall, sales fell 2.4% year-over-year despite Service revenue rising 2.8%.
The company said it added 1.32 million new net customers, ahead of the expected 1.2M. As a result, it now expects to add 5.5M new customers in 2023, in line with estimates.
Moreover, T-Mobile raised its adjusted Ebitda forecast to $29B, from the prior $28.95B. It also sees free cash flow at $13.4B, modestly up from the prior $13.35B.
“T-Mobile’s focused execution against our intentional growth plan delivered best-in-class postpaid and broadband customer and profitability growth in Q1 that gave us confidence to raise our 2023 guidance for customers and profitability,” said T-Mobile CEO Mike Sievert.
Wells Fargo analysts applauded T-Mobile for delivering yet another strong earnings report.
“Guidance raise suggests accelerating EBITDA and FCF throughout the year to provide support to shares. With the repurchase program still in its early stages, we continue to like the risk/reward from here,” Luebchow said in a note.
UBS analysts said the results were “solid.”
TMUS shares are down 1.7% in pre-market Friday.
