T-Mobile US, Inc. (NASDAQ: TMUS) reported first quarter 2024 results late yesterday, raising full-year guidance and delivering what it calls “industry-leading customer growth.” The company announced gains in service revenues and profitability, while returning $4.3 billion to stockholders in the quarter. The carrier said it is reaching over five million High Speed Internet customers.
“T-Mobile had a great start to 2024 with industry-leading growth in service revenues and profitability,” said Mike Sievert, CEO of T-Mobile. “Even as the rest of wireless saw moderated customer growth, our momentum continued thanks to our increasingly differentiated combination of the best value, best network, and best experiences that customers love. We’re excited about our path forward and our raised guidance for 2024 reflects our confidence in what’s to come.”
The company highlighted the performance of its Ultra Capacity 5G network and mid-band 5G spectrum deployment, claiming nearly 95 percent of 5G network traffic on mid-band including the recently deployed Auction 108 2.5 GHz spectrum. T-Mobile said its “unique multi-layer approach to 5G,” allowed it to deliver 85 percent of 5G traffic on sites with all three spectrum bands deployed.
Highlights included:
- Service revenues of $16.1 billion grew four percent year-over-year
- Postpaid service revenues of $12.6 billion grew six percent year-over-year
- Net income of $2.4 billion grew 22 percent year-over-year
- Diluted earnings per share of $2.00 grew 27 percent year-over-year
- Core Adjusted EBITDA of $7.6 billion grew eight percent year-over-year
- Net cash provided by operating activities of $5.1 billion grew 25 percent year-over-year, a record high for Q1
- Adjusted Free Cash Flow of $3.3 billion grew 39 percent year-over-year, a record high for Q1
- Returned $4.3 billion to stockholders in Q1 2024, including repurchases of $3.6 billion of common stock and its second quarterly dividend payment of $769 million
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