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T-Mobile Soars 5.71% to Record High as Earnings Outpace Expectations

Mover TrackerThursday, Oct 24, 2024 6:31 pm ET

1min read

Shares of T-Mobile US (TMUS) surged by 5.71% on October 24, marking a two-day rally of 6.64%. The stock reached a record high, reflecting strong market confidence following its recent earnings report.

Goldman Sachs has maintained its 'buy' rating for T-Mobile US, with a target price set at $250.00. This aligns with the company's impressive performance, as reported in its third-quarter financial results for 2024.

The company declared revenues of $201.6 billion for the third quarter, a 4.7% year-on-year increase, surpassing market expectations. Net income for the period was $31 billion, up by 43%. T-Mobile's adjusted earnings per share stood at $2.61, beating the anticipated $2.43.

T-Mobile also showed substantial growth in subscriber additions. The company netted 865,000 new postpaid subscribers, outpacing expectations and surpassing competitors AT&T and Verizon, who reported additions of 403,000 and 239,000, respectively.

As the largest wireless communication service provider in the US, T-Mobile US continues to leverage its expansive network. The company's strategic focus remains on expanding its customer base and enhancing its service offerings, which has contributed to its strong financial performance.

The continuous innovation and competitive pricing strategies have positioned T-Mobile as a formidable competitor in the US telecommunications landscape. This robust performance is further solidified by consistent revenue growth and the delivery of high-value services to customers.

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