T-Mobile US reported Q1 service revenues of $16.1 billion, up 4% year-over-year. Net income was $2.4 billion, up 22% year-over-year, and diluted earnings per share was $2.00, up 27% year-over-year.
“T-Mobile had a great start to 2024 with industry-leading growth in service revenues and profitability,” said Mike Sievert, CEO of T-Mobile. “Even as the rest of wireless saw moderated customer growth, our momentum continued thanks to our increasingly differentiated combination of the best value, best network, and best experiences that customers love. We’re excited about our path forward and our raised guidance for 2024 reflects our confidence in what’s to come.”
Some operating metrics
- Postpaid net account additions of 218 thousand decreased 69 thousand year-over-year.
- Postpaid net customer additions of 1.2 million decreased 73 thousand year-over-year.
- Postpaid phone net customer additions of 532 thousand decreased 6 thousand year-over-year. Postpaid phone churn of 0.86% improved 3 basis points year-over-year.
- Prepaid net customer losses of 48 thousand decreased 74 thousand year-over-year. Prepaid churn of 2.75% improved 1 basis point year-over-year.
- High Speed Internet net customer additions of 405 thousand decreased 118 thousand year-over-year. T-Mobile ended the quarter with 5.2 million High Speed Internet customers.
- Total net customer additions of 1.2 million decreased 147 thousand year-over-year.
- Total customer connections increased to a record high of 120.9 million
- Nearly 95% of 5G network traffic is carried on mid-band spectrum, including the recently deployed Auction 108 spectrum.
- 85% of 5G traffic on sites with all three spectrum bands (600MHz, 1.9GHz, and 2.5GHz) deployed
