T-Mobile shares are soaring today after the5G leader reported a strong first quarter and hiked its guidance for 2022.
for the first quarter of 2022. During the quarter, the carrier had 589,000 net postpaid phone customer additions. For companies like T-Mobile, this is arguably the most important quarterly metric. At the same time, the wireless provider reported postpaid net customer additions of 1.3 million which not only topped the industry, but it also was the best first quarter increase for the carrier in eight years.
For the quarter, service revenue of $15.1 billion was an increase of 7% on a year-over-year basis. Postpaid service revenue was up 9%, leading the industry. Net income weighed in at $713 million with diluted earnings per share at 57 cents. The latter is a 23% decline from the 74 cents per share figure reported for 2021's first quarter.5G remains the focus for T-Mobile with 315 million Americans, 95% of the population, covered by the carrier's 5G signals. T-Mobile's 5G footprint of 1.
Wall Street loved the report as the stock is up $6.07 or 4.86% to $131.03 following the release of Q1 earnings. The 52-week high is $150.20.Verizon and AT&T decided to start building their 5G networks by focusing on mmWave spectrum and the 1Gbps download data speed that high-band delivers. But what they didn't consider is that high-band spectrum doesn't travel for great distances and can be blocked by structures.
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