San Diego Business Journal

Leap Wireless Records $65.2M Net Loss

Thursday, August 4, 2011

Leap Wireless International Inc., the flat-rate carrier providing service under the brand Cricket, reported a second quarter net loss of $65.2 million, compared with a net loss of $18.2 million for the like quarter of 2010, in an Aug. 3 announcement.

Revenue for the quarter was $760.5 million, up 14 percent from the like quarter last year.

For the six months, Leap reported a net loss of $161.4 million, compared with a net loss of $86.3 million in the first half of 2010.

Revenue for the half was $1.54 billion, up from $1.35 billion in the first half of 2010.

Despite the company losing a net of 103,140 customers in the past quarter, total subscribers as of June 30 was 5.74 million, up 8.7 percent from June 30, 2010.

At the close of trading Aug. 4, shares of the company, traded under LEAP on Nasdaq, were at $6.65, down $3.39 from the prior day’s closing price. The stock’s 52-week range is $6.55 to $17.66.

— Mike Allen