United States Cellular Corporation (NYSE: USM) witnessed a remarkable surge on the charts today, soaring by 78.86% to reach $31.30 in early trades. This upswing came on the heels of the release of its financial results and a strategic move. In the previous trading session, USM’s shares had risen by 0.75%, closing at $17.50.

For the second quarter of 2023, UScellular reported total operating revenues of $957 million, which marked a slight decline from the $1,027 million achieved during the same period one year ago.

The net income attributable to USM shareholders for the same quarter was $5 million, resulting in diluted earnings per share of $0.05. In comparison, the figures for the second quarter of the previous year were $21 million and $0.25, respectively.

Notably, USM’s Service revenues totaled $760 million for the second quarter, showing a decline from $783 million during the same period one year ago. Despite the challenges in gross additions, there was a slight improvement in postpaid handset subscriber trends due to reduced churn.

However, UScellular experienced significant growth in other areas, particularly in fixed wireless and the tower portfolio, which saw double-digit increases in gross additions and revenues, respectively.

Additionally, the company’s ongoing cost optimization programs effectively countered inflationary pressures. A milestone was achieved in July, as UScellular surpassed 100,000 fixed wireless customers, underscoring the product’s momentum.

Recognizing the potential for further growth, the boards of directors of Telephone and Data Systems, Inc. (TDS) and UScellular have jointly decided to explore strategic alternatives for UScellular.

This comprehensive review will encompass a range of options to determine the best course of action for the company’s future. TDS, being one of the major shareholders, is committed to pursuing the pathway that serves the best interests of all stakeholders.

While there is no set deadline for completing the strategic review, both TDS and UScellular intend to conduct the process thoroughly and meticulously.