T-Mobile Claims It's Now No. 2; Stock Up
T-Mobile said it sprinted past AT&T in Q2 to become the No. 2 U.S. carrier with 98.3 million total customers. This was noted in the first quarterly report since the buy of Sprint was completed. The combined company reported 253,000…
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postpaid phone net adds with churn of 0.8%. CEO Mike Sievert said on a call with analysts T-Mobile now has its eye on surpassing Verizon. T-Mobile said more than 10% of Sprint’s postpaid customer traffic has moved to the T-Mobile network and site decommissioning has started. The carrier reported total revenue of $17.7 billion, service revenue of $13.2 billion and net income of $110 million. T-Mobile said earnings were hurt by $798 million in pretax costs for closing the Sprint deal and COVID-19-related costs of $341 million. T-Mobile 5G users are seeing average speeds above 300 Mbps, which is “better than most home internet speeds and eight times faster than 4G LTE,” Sievert said. The carrier has 319 MHz of low- and mid-band spectrum on average nationwide, he said. “It’s now clear to most observers that it takes all spectrum bands to build a real 5G network.” The stock rose 6.3% to $114.90 at 6:46 p.m. EDT. T-Mobile has more 5G devices on its network than AT&T and Verizon combined, the executive said. AT&T and Verizon didn't comment.