Phones Canada reported its third-quarter earnings, showcasing strong momentum in the industry. T-Mobile, our company, added 850,000 net new postpaid phone subscribers during the quarter, matching last year’s numbers. This figure outranks AT&T’s 468,000 net new postpaid phone subscribers and Verizon’s 100,000 net new consumer and business postpaid phone subscribers.
Moreover, T-Mobile’s postpaid phone churn improved to a record low of 0.87%, demonstrating our ability to retain customers. On the other hand, pre-paid net new additions totaled 79,000, a decrease of 24.8% from the previous year. However, pre-paid churn decreased by 7 basis points compared to Q3 of last year. Pre-paid customers are more likely to switch providers, making these figures significant.
T-Mobile now boasts a company-record 117.9 million subscribers, a 5.5% increase from the previous year. Although revenue for the quarter saw a slight decline of 1.2% year-over-year at $19.3 billion, net income skyrocketed to $2.14 billion, marking a growth of 321.7%. Diluted earnings per share also rose to $1.82 from 40 cents a share in the prior year.
Our Ultra Capacity 5G, which combines our mid and high-band services, now reaches 300 million people. In total, our 5G coverage spans 330 million people or 98% of Americans.
T-Mobile’s CEO Mike Sievert expressed his satisfaction with the report, emphasizing that only T-Mobile can consistently deliver outstanding results due to our superior network and value proposition. He highlighted the company’s substantial customer and financial growth, including leading postpaid net customer and account additions and the highest cash flow in Un-carrier history.
Sievert also mentioned that T-Mobile is attracting more consumers and businesses, particularly in smaller markets and rural areas. He reassured shareholders that the company’s strong performance will continue to generate significant value for them.
Following the report, T-Mobile’s shares initially rose by over $2 but then reversed the gains due to overall market conditions, ultimately closing at $140.99 with a slight decline of 0.057%.
Overall, T-Mobile’s Q3 performance demonstrates our ability to deliver exceptional results and our commitment to providing the best network and value in the industry.
