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T-Mobile shares soar on better-than-expected quarterly profit

John Legere, CEO of T-Mobile.
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John Legere, CEO of T-Mobile.

Shares of T-Mobile soared more than 9 percent Monday after the network provider reported a better-than-expected quarterly profit.

The company posted $366 million in net income, up 165 percent year-over-year in the third quarter. It also added 969,000 postpaid customers, up from 890,000 in the previous quarter. This report comes after Verizon reported it added postpaid subscribers below analysts' estimates for the quarter.

"That's 14 quarters in a row that T-Mobile has won share from the competition," President and CEO John Legere said in a statement.

The company posted adjusted earnings of 27 cents per share on revenue of $9.24 billion. Analysts expected 22 cents a share on revenue of $9.42 billion, according to Thomson Reuters consensus estimates.

T-Mobile said it expects to add 3.7 million to 3.9 million postpaid customers on a net basis this year. It previously forecasted in the range of 3.4 million to 3.8 million.

The company's stock is up more than 30 percent year to date.

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— Reuters contributed to this report.