Continuing on with earnings week, T-Mobile USA has just announced their numbers for the second quarter of the year, which ended on June 30th, 2016. The Un-carrier posted 1.9 million net adds. This marks their 13th consecutive quarter of posting over 1 million net adds. Breaking that down, that's 890,000 branded postpaid net adds, 646,000 branded postpaid phone net adds (which T-Mobile says they led the industry in postpaid net adds for the 10th consecutive quarter), and 476,000 branded prepaid net adds. Their branded prepaid net adds is actually up 167% year-over-year thanks to MetroPCS growing despite facing stiff competition from Cricket, Boost Mobile and Virgin Mobile. T-Mobile USA is also posting a record-low churn of 1.27% for postpaid phone customers. That's down 6 basis points from last quarter and 5 from a year ago.
In terms of cash, service revenues were $6.9 billion in the quarter, which is a 12.1% increase year-over-year. Total revenues were $9.2 billion, up 12.8% year-over-year. Net income was $225 million with earnings per share (or EPS) being $0.25. Adjusted EBITDA was $2.5 billion for the quarter, up 35.6% year-over-year. T-Mobile continued to improve their network, which they say is "America's fastest and fastest growing 4G LTE network". Their network now covers over 311 million people throughout the US. Additionally, their Extended Range LTE (which uses band 12 or 700MHz spectrum) now covers 200 million people, in 350 markets.
T-Mobile is also raising their customer outlook and narrowing Adjusted EBITDA for the remainder of 2016. Their guidance range for branded postpaid net adds has increase to 3.4 to 3.8 million, from 3.2 to 3.6 million for the year. Adjusted EBITDA target is being narrowed from $9.7 to $10.2 billion, to $9.8 to $10.1 billion. In terms of cash capital expenditures, they are maintaining guidance of $4.5 to $4.8 billion for the year.
Despite Sprint adding customers this quarter, T-Mobile has cemented themselves in third place for US wireless carriers. As they now have 67.4 million customers on their network. T-Mobile is doing well at bringing in new customers and keeping their current customers. Doing both has proved to be a difficult task for many wireless carriers lately. But somehow, T-Mobile is able to do it here. Of course, the Un-carrier perks are likely helping them keep customers as well as bring in new ones.