Shares of T-Mobile US Inc. were headed higher in Thursday trading after the telecommunications company provided subscriber metrics for its latest quarter.
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.
Verizon Communications Inc.
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%.