Telecommunications and wireless network operator T-Mobile (NASDAQ:TMUS) recently released robust preliminary results for 2022, reflecting strong customer additions during the year.
The total customer count rose 4.5% year-over-year to 113.6 million, the company’s highest level so far. Specifically, postpaid net account additions were 1.4 million in 2022, representing a growth of 16.7% year-over-year. Moreover, net postpaid customers increased by 16.4% to 6.4 million.
Furthermore, T-Mobile added 2 million high-speed internet customers in 2022, compared with just 546,000 customers in 2021. The reported figure is expected to be higher than that of its rivals, including AT&T (T) and Verizon (VZ).
Nevertheless, the company added 338,000 net new prepaid customers for the full year, a decline of 1.2% from the prior year.
Based on the robust performance in 2022, T-Mobile CEO Mike Sievert said, “We continue to translate our long-established 5G lead into overall network leadership and execute on our unique growth strategy. We are perfectly positioned to profitably take further market share in 2023 and beyond!”
T-Mobile is scheduled to report the fourth-quarter and full-year 2022 results on February 9, after the market closes.
Is TMUS a Buy, Sell, or Hold?
The consensus among analysts is a Strong Buy based on 12 Buys and 1 Hold. The average T-Mobile price target of $181.09 implies upside potential of 29.4% from current levels. Shares have gained 1.7% over the past six months.