TMobile US Inc. (NASDAQ: TMUS) on Thursday announced financial results for the second quarter of 2020, reporting a 61% increase in revenues aided by strong customer growth. The results also surpassed expert’s projection.
The telecommunication firm said its June-quarter revenues rose to $17.67 billion from $10.98 billion last year. Total net customer additions were 1,245,000 during the three-month period.
Net income, meanwhile, decreased to $110 million or $0.09 per share from $939 million or $1.09 per share in the second quarter of 2019.
Earlier, TMobile’s stock rebounded quickly from the COVID-induced selloff and is currently trading close to the recent peak. The stock closed Thursday’s trading slightly higher and gained further during the extended session.
“Now we’re setting our sights on #1 – in customer choice and customers’ hearts – and we’ll get there by doing ONLY what the Un-carrier can do: offering customers the most advanced 5G network AND the best value while continuing to make big moves that fix customer pain points and disrupt this industry. I’m excited about what’s to come in this new T-Mobile era – we’re just getting started!,” said TMobil’s CEO Mike Sievert.
Stock markets shifted to recovery mode as the week came to a close, with the major indices closing higher after staying in the negative territory in the past few weeks.
Renewable energy companies have been gaining attraction in the market due to the strong potential they have. Many countries are now relying mainly on renewable energy for their power consumption.
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the fourth quarter of 2020, reflecting a marked increase in merchandise sales. The results also topped analysts’