Due to fierce competition and customers delaying plan upgrades, wireless carrier T-Mobile US missed Wall Street expectations for first-quarter revenue and monthly bill-paying phone subscriber additions on Thursday.

Customers are leaving the top wireless carriers as a result of high inflation and macroeconomic difficulties that have caused consumers to reduce their spending even as competitors compete with cheaper and bundled services.

According to Refinitiv, T-Mobile’s total revenue for the three months ending in March decreased 2.4% to $19.63 billion, falling short of analysts’ expectations of $19.82 billion.

Contrary to experts’ expectations of 547,800 net additions, T-Mobile increased its monthly bill-paying phone customer base by 538,000 during the third quarter, according to FactSet. During the December quarter, the corporation made 927,000 additions.

However, T-Mobile increased their prediction for wireless customer growth for the entire year.

In contrast to its earlier prediction of 5.0 million to 5.5 million cellular subscriber net additions for the year through December, it now anticipates net additions of between 5.3 million and 5.7 million subscribers.

Due to the fact that these consumers pay a recurring monthly charge, making them important to the carriers, analysts and investors frequently pay close attention to wireless subscriber phone data.