T-Mobile US (NASDAQ: TMUS) shares plummeted 5.01% in intraday trading on Thursday, despite reporting strong third-quarter results that beat analyst expectations. The telecom giant's stock decline comes as investors express concerns over the company's increased capital expenditure forecast for the year.

T-Mobile reported impressive Q3 earnings of $2.41 per share, surpassing the analyst consensus estimate of $2.39. The company's revenue for the quarter came in at $21.96 billion, exceeding the Street estimate of $21.92 billion. T-Mobile also posted record customer growth, with 2.3 million total postpaid net additions and 1 million postpaid phone net customer additions, both figures surpassing industry expectations.

However, the positive results were overshadowed by T-Mobile's announcement of an increase in its annual capital expenditure forecast. The company now expects capex of approximately $9.5 billion to $10 billion, up from its previous forecast of about $9.5 billion. This increase in projected spending appears to have spooked investors, leading to the sharp decline in share price. Despite raising its guidance for customer additions and other financial metrics, the market seems focused on the potential impact of higher capital expenses on future profitability. As T-Mobile continues its aggressive network expansion and 5G rollout, investors will be closely monitoring how these investments translate into long-term growth and market share gains in the competitive telecom landscape.