T-Mobile continued to grow faster than Verizon, AT&T and Sprint in the second quarter
T-Mobile continues to be magenta-hot. For the second quarter that ran from April through June, the carrier crushed Wall Street expectations by reporting postpaid branded phone net additions of 686,000 subscribers. That figure was 48% ahead of analyst's expectations. This was the 18th straight quarter that T-Mobile led the industry in that important metric. Postpaid branded phone churn was a record low .95%, 15 basis points lower than last year's second quarter number. T-Mobile reported total branded postpaid net additions of 1 million subscribers, and 91,000 branded pre-paid net additions. Overall, the company added 1.6 million net additions, the 21st consecutive quarter that T-Mobile topped 1 million subscribers in this category.
Total revenue rose 4% to $10.6 billion, while service revenue was $7.9 billion for a gain of 7.9% year-over-year. Net income, at $782 million, rose 35% from last year's Q2 and resulted in earnings per share of 92 cents. The positive results allowed T-Mobile to raise its forecast for branded postpaid net additions to a range of 3.0 million to 3.6 million for all of 2018.
Currently, the carrier covers 323 million people with its LTE signal, and by the end of the year that number should be higher by 2 million. As we told you earlier today, T-Mobile continues to focus on deploying the low-frequency 600MHz spectrum it won from an FCC auction held last year. The company is awaiting regulatory approval so that it can move ahead with its $26.5 billion deal to merge with Sprint.
Wall Street liked the report, sending T-Mobile's shares up 1.47% or 87 cents after-hours to $60.23.