T-Mobile Pops on Beat-and-raise, Goldman Sachs Positive

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T-Mobile Pops on Beat-and-raise, Goldman Sachs Positive

T-Mobile (NASDAQ: TMUS ) reported Q1 EPS of 57c, down from 74c in the year-ago period and smashing the analyst expectations of 26c per share. Revenue came in at $20.12 billion, up 1.8% YoY and in line with the consensus estimates.

TMUS stock price is up over 2% after the results.

Service revenue totaled $15.13 billion, up 6.6% YoY and above the expected $14.82 billion. The company added total net customers of 1.38 million, just above the analyst estimates of 1.3 million.

Prepaid net customer additions totaled 62,000, missing the analyst expectations of 70,948. Postpaid net customer additions stood at 1.32 million, above the expected 1.1 million.

For the full year, T-Mobile expects postpaid net customers to be in the range of +5.3 million to +5.8 million, compared to the consensus estimates of +5.3 million.

Adjusted EBITDA is expected in the range of $25.8 billion to $26.2 billion, compared to the previous guidance of $25.60 billion to $26.10 billion and analyst estimates of $26.47 billion.

The telecommunications company is also boosting its merger synergies forecast range to $5.2 billion to $5.4 billion in 2022, up from the previous guidance of $5.0 billion to $5.3 billion.

Goldman Sachs analyst Brett Feldman said TMUS delivered “solid” results.

“We expect a positive reaction in the stock to reflect the beats to all key operating and financial metrics as well as TMUS’s improved 2022 outlook. We also expect that management’s commentary on the call about the overall level of growth and competition they are seeing at an industry level could impact how the stock trades, following diverging commentary last week on the industry backdrop by AT&T (NYSE: T ) and Verizon (NYSE: VZ ),” Feldman told clients.

By Senad Karaahmetovic

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