Shares of T-Mobile US Inc. were headed higher in Thursday trading after the telecommunications company provided subscriber metrics for its latest quarter.
T-Mobile TMUS, +2.90% saw net additions for postpaid phone customers of 927,000 in the fourth quarter, it announced in a late Wednesday press release. Additionally, the company said it saw postpaid phone churn of 0.92%, the lowest fourth-quarter churn that T-Mobile has seen in its history.
The announcements coincided with T-Mobile’s appearance at a Citi investment conference Wednesday.
“We are perfectly positioned to profitably take further market share in 2023 and beyond,” Chief Executive Mike Sievert said in a release.
UBS analyst John Hodulik wrote in a note to clients that the results were “solid.”
The first day of the conference, which brought presentations from T-Mobile, AT&T Inc. T, +0.32%, Verizon Communications Inc. VZ, +1.22% and others, offered a “generally positive” view of opportunities, Citi Research analyst Michael Rollins said.
“We don’t believe T-Mobile’s relative strength [in the latest quarter] has meaningfully come at the cost of the other players, while T-Mobile continues to indicate that cable likely had a strong postpaid phone volume quarter,” Rollins wrote in a report.
Rollins added that T-Mobile’s results, as well as commentary from the company and from AT&T, suggest “a solid exit rate for postpaid phone volumes during [the fourth quarter of 2022] that could be closer to our prior 2.6 million outlook relative to our more recent estimate of 2.4 million (which included iPhone sales spill-over into [the first quarter of 2023]).”
T-Mobile’s stock was up 2.8% in morning trading Thursday. It was the best performer by far of the three big wireless carriers in 2022, rising 21% over the course of the year as AT&T’s stock dropped about 1% and as Verizon’s fell 24%.
