Deutsche Telekom shares fall after T‑Mobile US earnings miss

In the second quarter of 2026, T‑Mobile US reported revenue of $22.8 billion, up 7.9 % year‑on‑year, and earnings per share of $2.99, surpassing analyst expectations. Net profit rose slightly to $3.2 billion and the company raised its full‑year free‑cash‑flow guidance to $18.4‑$18.8 billion. The firm added 277 000 postpaid subscribers, a 13 % decline from the prior year but better than analysts had forecast. Despite the strong financials, the market reacted negatively: T‑Mobile US shares slipped between 3 % and 7 % in pre‑market trading. Deutsche Telekom, which holds about 53 % of T‑Mobile US, saw its own stock drop roughly 3‑4 % on the Xetra exchange, trading near €26 and testing a key support zone. Analysts at Deutsche Bank cut the price target to €40, citing heightened competition from satellite providers and the high‑cost 5G investment programme. The earnings miss and slower subscriber growth have raised concerns about future cash‑flow pressure for the German telecom giant.