09:29 AM EDT, 07/31/2024 (MT Newswires) -- T-Mobile US ( TMUS ) on Wednesday raised its outlook for postpaid customer additions in 2024 as the wireless company's second-quarter results came in higher than market expectations.

Net income during the June quarter rose to $2.49 a share from $1.86 the year before. The Capital IQ-polled consensus was $2.29, based on projections from five analysts. Revenue increased to $19.77 billion from $19.2 billion, ahead of Wall Street's view of $19.57 billion. Total service revenue rose 4.4% year over year to $16.43 billion, including postpaid growth of 6.9% to $12.9 billion.

"Our continued focus on delivering customers more value and a superior network experience enabled us to outperform our peers in the marketplace and translated into outsized financial growth," Chief Executive Mike Sievert said in a statement. Shares of the company gained 2.6% in Wednesday's premarket activity.

T-Mobile added 1.3 million postpaid customers in the quarter, including 777,000 phone subscribers. Postpaid account additions rose to 301,000 from 299,000 last year. Postpaid phone churn, which refers to the percentage of customers who stopped using the company's services, was 0.80%, up from 0.77% in the prior-year quarter.

In prepaid, the company posted new customer additions of 179,000, an increase of 55,000 from last year. For high-speed internet, T-Mobile added 406,000 customers on a net basis, declining from 509,000 additions in the prior-year period.

The company now expects postpaid net customer additions to be between 5.4 million and 5.7 million for 2024, up from its previous projections of 5.2 million to 5.6 million.

"We now expect the total postpaid phone net customer additions component to be approximately half of our total postpaid additions, up from our expectations last quarter," Chief Financial Officer Peter Osvaldik said during an earnings call, according to a Capital IQ transcript. "And as part of that, we anticipate normal seasonal postpaid phone churn trends in the second half as we saw a year ago."

T-Mobile narrowed its full-year 2024 core adjusted earnings before interest, taxes, depreciation, and amortization guidance to a range of $31.5 billion to $31.8 billion from the prior outlook of $31.4 billion to $31.9 billion. Capital expenditures are estimated to be $8.7 billion to $9.1 billion, compared with the previous forecast of $8.6 billion to $9.4 billion.

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