In a recent development, T-Mobile, the leading telecommunications company, has outperformed industry expectations with its Q3 2023 results. This success is attributed to significant customer growth propelled by exceptional network quality and value proposition within its unique growth areas.
T-Mobile CEO, Mike Sievert conveyed the company's achievements, "I’ve said it before and I’ll say it again: in this competitive environment, only T-Mobile can deliver the type of stellar results we saw in Q3 because only we can consistently deliver the best network and best value combination that customers want. This quarter’s best-in-class customer and financial growth, including our industry-leading postpaid net customer AND account adds and highest cash flow in Un-carrier history, paint a clear picture of a durable and differentiated strategy that is working," said Sievert.
According to an article from T-Mobile, the company showcased remarkable growth metrics in comparison to its competitors. The data includes 386 thousand postpaid net account additions, 1.2 million postpaid net customer additions leading to an upward revision in guidance. Furthermore, the postpaid phone churn rate hit a record low of 0.87% for Q3 with added 557 thousand net customers for High-Speed Internet services.
The article also outlined that T-Mobile's exponential customer growth has resulted in significant financial expansion as well. The service revenues achieved $15.9 billion showing substantial year-over-year growth by 4%. Net income escalated to $2.1 billion marking impressive year-over-year growth of 322%. Furthermore, Core Adjusted EBITDA of $7.5 billion showed robust year-over-year growth by 12%, surpassing competitors which led to an upward adjustment in guidance.
As reported by T-Mobile, the company reached a milestone by providing Ultra Capacity 5G coverage to 300 million Americans two months ahead of schedule than previously estimated. Currently covering over 330 million people representing about 98% of the American population, T-Mobile's 5G availability is now recognized as the best globally, according to Opensignal's assessments.
However, an article from the Financial Times mentioned that despite a few setbacks in Q3 2023 like decreased net account additions for High Speed Internet and reduced postpaid net customer additions, T-Mobile remained a leader in capturing net account additions. The company ended this quarter with an all-time high total customer count of 117.9 million.