The wireless phone market in the United States is saturated. With no prospect for a bigger pie, the four major U.S. carriers keep re-slicing it, hoping to get one or two extra bites for their trouble. Which carrier is playing this game better than the others?

Right now, it seems that T-Mobile US Inc. (NASDAQ: TMUS) is coming out ahead, at least based on new subscriber additions. T-Mobile reported Tuesday morning that it added 2.3 million subscribers in the third quarter, a total that includes 1.1 million postpaid customers. The company even upped its estimate for 2015 postpaid customers from a previous forecast of 3.4 million to 3.9 million to a new range of 3.8 million to 4.2 million. The company claims a total of 61.2 million customers.

Where T-Mobile ran into trouble was revenues, which came in lower than estimates, due primarily to the company’s leasing program.

Given the state of the U.S. wireless market, if T-Mobile added 2.3 million subscribers in the quarter, where did they come from? Verizon Communications Inc. (NYSE: VZ) reported a total of 110.8 million retail connections in the third quarter, of which 105.8 million were postpaid. The company’s postpaid total is up 1.3 million sequentially.

AT&T Inc. (NYSE: T) reported net additions of 2.51 million in the third quarter, of which 289,000 were postpaid and 466,000 were prepaid. Compared with the third quarter of last year, postpaid additions are down by 489,000 and prepaid additions are up by 512,000. Average monthly revenue per postpaid user has fallen from $60.12 a year ago to $57.05 this year. The company claims total subscribers and connections of 126.4 million, of which about 25 million are connected devices.

ALSO READ: The 10 Most Profitable Companies in the World

Sprint Corp. (NYSE: S) is scheduled to report quarterly results next Wednesday, November 4. In early October, the company announced $2.0 billion to $2.5 billion cost-cutting program. At the end of the second quarter, Sprint reported average postpaid subscribers totaled 30.17 million, down from 30.37 million in the prior year. Prepaid subscribers rose by about 475,000 and total Sprint platform subscribers number 56.81 million. There is essentially no way that Sprint can add nearly 4.5 million subscribers to catch T-Mobile in the quarterly horse race.

Investors have voted with the feet, at least on T-Mobile stock. Shares traded down about 7% midday Tuesday, at $38.46 in a 52-week range of $24.26 to $43.43.

Shares of Sprint traded up about 2.5%, at $4.90 in a 52-week range of $3.10 to $6.25.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.