T-Mobile US (TMUS) late Tuesday reported first-quarter profit that topped views and increased its stock buyback plan following the recent announcement that it will merge with Sprint (S).
XT-Mobile shares climbed in after-hours trading after falling for two days following Sunday's merger announcement. U.S. regulatory approval of the merger is a tossup, analysts say.
T-Mobile said it has completed a $1.5 billion stock buyback program approved in late 2017. The company said its board of directors has approved a new $7.5 billion stock buyback, bringing the total to $9 billion.
The wireless carrier also said adjusted first-quarter earnings were 78 cents a share, down 2% from a year earlier, with revenue rising nearly 9% to $10.5 billion. A year earlier, T-Mobile earned 80 cents a share on sales of $9.61 billion. Analysts expected earnings of 70 cents on sales of $10.36 billion for the period ended March 31.
T-Mobile added fewer postpaid phone subscribers during the quarter, though it will again lead the industry in added customers. T-Mobile gained 617,000 high-spending postpaid phone subscribers, below estimates of 819,000. It added 891,000 in the year-earlier period.
Sprint reports fiscal fourth-quarter earnings late Wednesday. Shares in T-Mobile fell 1.8% to 59.43.
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The post T-Mobile Hikes Stock Buyback Plan Amid Sprint Merger Proposal appeared first on Investor's Business Daily.
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