Analyst Note| Michael Hodel, CFA |
T-Mobile continued to perform well during the second quarter, though Verizon and AT&T’s efforts to bolster their market share were noticeable. Management again increased expectations for 2021, though not to an extent that significantly changes our outlook. The firm also discussed Dish’s new agreement with AT&T, stating that it already assumed Dish would move customers off the T-Mobile network in the coming years. As such, the loss of Dish wholesale revenue was already contemplated in the long-term expectations that management provided in March. We don’t believe loss of Dish radically alters T-Mobile’s strategic direction.