T-Mobile added more than 1.1 million customers as Verizon shrank

T-Mobile U.S. Inc. added more than 1.1 million new customers in the first quarter of 2017, as rival Verizon Communications Inc. lost customers for the first time, and handily beat earnings estimates in a report issued Monday. The wireless carrier reported net income of $698 million, or 80 cents a share, on total revenue of $9.6 billion, with profit far exceeding expectations largely because of tax benefits. Analysts on average expected T-Mobile to report the addition of 1.2 million subscribers, and profit of 34 cents a share on revenue of $9.6 billion, according to FactSet. T-Mobile has targeted Verizon by offering perks such as unlimited data, which its larger rival began offering during the first quarter in an attempt to stanch losses. T-Mobile shares fell less than 0.5% in late trading Monday after jumping 1.9% to a record closing high of $65.93.

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