October 30, 2018 / 8:15 PM / in 22 days

T-Mobile beats phone subscriber estimates

Oct 30 (Reuters) - T-Mobile US Inc beat Wall Street’s quarterly estimates for net new phone subscribers who pay a monthly bill, driven by competitive wireless plans and trade-in offers for iPhones aimed at fending off its bigger rivals.

The third largest U.S. mobile carrier, which is awaiting regulatory approval for a merger with smaller rival Sprint Corp , said it added a net 774,000 phone subscribers during the third quarter, up from 595,000 new subscribers it added last year.

Analysts on average had expected the company to add 628,000 subscribers, according to research firm FactSet.

The company’s net income rose $795 million, or 93 cents a share, in the quarter ended Sept. 30 from $550 million, or 63 cents a share, a year earlier.

Revenue rose to $10.84 billion from $10.02 billion. Analysts had expected the company to report revenue of $10.72 billion, according to Refinitiv data. (Reporting by Akanksha Rana in Bengaluru and Sheila Dang in New York; Editing by Anil D’Silva)

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