T-Mobile US Inc raised its full-year postpaid subscriber net additions forecast after trouncing analysts’ first-quarter estimates on Tuesday, boosted by robust demand for its 5G services from people working remotely.
The wireless carrier has had a head start in the race to ramp up 5G services thanks to its purchase of smaller rival Sprint last year, helping tap into a surge in consumption of internet services during the COVID-19 pandemic.
The wireless carrier expects 2021 postpaid net customer additions between 4.4 million and 4.9 million, compared to prior forecast of 4.0 million to 4.7 million.
The company added 773,000 postpaid phone subscribers in the quarter ended March 31, above FactSet estimates of 475,300.
Total revenue rose to $19.76 billion from $11.11 billion a year earlier, compared with estimates of $18.90 billion, according to IBES data from Refinitiv.