New data plans, iPhone 7 helped drive two million new customers to T-MobileBy Shawn Knight
T-Mobile on Monday turned in yet another solid quarterly earnings report, adding a total of two million customers during the third quarter and bringing its totally customer count to more than 69 million. The company said this is the 14th consecutive quarter of over a million total net additions.
Revenue increased 17.8 percent year-over-year, checking in at $9.2 billion in the most recent three-month period. Quarterly profit, meanwhile, was $366 million, a 165 percent increase compared to the $138 million it generated during the same period a year ago and up from $225 last quarter.
That translates to $0.42 per share, up from $0.25 per share last quarter and $0.15 per share in Q3 2015.
T-Mobile credited the launch of the iPhone 7 as well as the introduction of its T-Mobile One plans as the primary reasons it added so many new customers. T-Mobile One, if you recall, is the company's latest wireless data plan that affords unlimited talk, text and data (although video streams are limited to standard definition quality unless you pay extra).
As Reuters notes, AT&T, which is currently working on its acquisition of Time Warner for $85.4 billion, lost 268 postpaid customers during the third quarter while Verizon added subscribers "significantly below" analysts' estimates for Q3.
Looking ahead, T-Mobile revised its guidance for branded postpaid net adds from 3.4 million to 3.8 million up to 3.7 million to 3.9 million.