Shares of United States Cellular (NYSE: USM) fell 17.4% on Friday after the mobile network operator delivered underwhelming results and forward guidance relative to Wall Street's expectations.

U.S. Cellular's fourth-quarter 2023 revenue declined 4.6% year over year to exactly $1.0 billion, translating to net income of $14 million, or $0.16 per share (compared to a net loss of $0.33 per share in the same year-ago period). Analysts, on average, were only expecting net income of $0.04 per share on revenue of $984.2 million.

U.S. Cellular CEO Laurent Therivel lauded a 2% growth in postpaid average revenue per user and a 46% increase in fixed wireless customers to 114,000. Tower rental revenue also grew 8% year over year in 2023 to $100 million.

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Source Fool.com