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T-Mobile CEO says company is recovering from cyberattack, which hurt Q3 results

·Anchor, Editor-at-Large
·3 min read
In this article:
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T-Mobile CEO Mike Sievert says it's full steam ahead into the holiday season even as competitors aggressively discount 5G smartphones and the brand seeks to battle back from an August cyberattack.

"Just to set the record straight on this quarter, T-Mobile delivered the best overall postpaid net additions in the industry, the best postpaid service revenues in the industry, the best EBITDA growth in the industry and the best cash flow growth in the industry. So I know our competitors will cherry pick around, but the top line and the bottom line are where it counts and T-Mobile delivered outpacing growth again this quarter, just like we have on postpaid net adds and service revenues every quarter since this [Sprint] merger got completed," Sievert said on Yahoo Finance Live

Sievert's commentary come on the heels of a better than expected quarter from profits as the telecom giant wrung more savings from its Sprint merger. The company also saw a tailwind from the introduction of a new suite of iPhones from Apple. 

Here is how T-Mobile performed compared to analyst estimates for the third quarter:

  • Net Sales: $19.6 billion vs. $20.13 billion

  • Adjusted EBITDA: $6.8 billion vs. $6.76 billion

  • Postpaid Phone Churn: 0.96% vs. 0.97%

  • Postpaid Net Customer Additions: 1.3 million vs. 1.33 million

  • Adjusted EPS: $0.55 vs. $0.51

T-Mobile lifted its full-year outlook in the wake of its third quarter performance. 

For the full-year. T-Mobile sees Sprint cost synergies in a range of $3.2 billion to $3.5 billion from $2.9 billion to $3.2 billion previously. Adjusted operating profits are pegged in a range of $23.4 billion to $23.5 billion, up from $23 billion to $23.3 billion.

T-Mobile shares rose about 6% Wednesday morning.

Sievert acknowledged the brand is still recovering from the summer cybersecurity hack that compromised the data of some 50 million users.

"Well, it certainly affected Q3 numbers as we talked about back in Q3. You know, people took a pause particularly on the enterprise side to make sure to get their questions answered about cybersecurity. But as I mentioned earlier today with investors [on the conference call Tuesday], it looked to us like that went back to more of a normal run rate on consumer and business by late in the third quarter. And we entered the fourth quarter peak time period with nice momentum," Sievert said. 

T-Mobile has put considerably more resources behind cybersecurity since the attack, Sievert explained, including the creation of a cyber transformation team. 

Added Sievert, "We know after this attack that we are now burdened with not just being good at cybersecurity, but being second to none. And that's the goal that we've established for our team."

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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