T-Mobile Reports $11.1B in Q1 Revenues
BELLEVUE, Wash. -- T-Mobile US, Inc. reported another record quarter in Q1 2019, with customer growth that accelerated year-over-year, all-time record-low postpaid phone churn, and record first quarter financials.
In Q1, the T-Mobile delivered record service revenues of $8.3 billion, record Q1 Net income of $908 million and record Adjusted EBITDA of $3.3 billion.
Total revenues increased 6% to $11.1 billion in Q1 2019 driven by growth in both Service revenues and Equipment revenues.
Net income increased 35% to $908 million and EPS increased 36% to $1.06 in Q1 2019 primarily due to higher Operating income and lower Interest expense. The negative impact from merger-related costs on Net income and EPS was $93 million and $0.11, respectively.
T-Mobile is building the foundation for its standards-based 5G network across the U.S. in 2019, utilizing both 600 MHz spectrum and millimeter wave spectrum. We expect to have the first nationwide 5G network in 2020. We plan to launch our 5G network on 600 MHz as soon as we have compatible smartphones in the second half of this year.
At the end of Q1 2019, T-Mobile owned a nationwide average of 31 MHz of 600 MHz low band spectrum. As of March 31, 2019, we had cleared 140 million POPs and we expect to clear spectrum covering approximately 280 million POPs by year-end 2019.
T-Mobile continues its aggressive deployment of LTE on 600 MHz spectrum, using 5G ready equipment, with nearly one million square miles already lit up covering nearly 3,500 cities and towns in 44 states and Puerto Rico. Combining 600 MHz spectrum and 700 MHz spectrum, we have deployed low band spectrum to 304 million POPs. We now have 40 devices compatible with 600 MHz spectrum, including the latest iPhone generation.
We expect postpaid net customer additions between 3.1 and 3.7 million in 2019, up from prior guidance of 2.6 to 3.6 million.