T-Mobile expects 2024 to be a strong year with a surge in net new postpaid phone additions. The carrier credits this expected growth to its 5G coverage and promotional efforts. Ookla’s report on Q4 U.S. data speeds showed that T-Mobile had the fastest download and upload speeds for overall wireless and 5G, outperforming Verizon and AT&T.
T-Mobile anticipates adding 5 million to 5.5 million subscribers in 2024, a significant increase from the 2.67 million new customers expected for this year. In the fourth quarter of 2023, the company added 934,000 postpaid phone net customer additions, surpassing Wall Street expectations and outpacing AT&T and Verizon.
As for customer stability, T-Mobile’s postpaid phone service churn rates were .96% during Q4 and .87% for all of 2023. The carrier finished 2023 with 119.7 million customer connections, representing a 5.4% gain from the previous year. Total revenue for the year was $78.6 billion, and net income soared 221% to $8.32 billion compared to the previous year.
CEO Mike Sievert expressed confidence in T-Mobile’s growth potential, highlighting the company’s value and network leadership. Despite the positive outlook, T-Mobile’s stock saw a decline in after-hours trading after the report was released.
