Reuters: Technology News: Leap Wireless customer losses disappoint, shares fall

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Leap Wireless customer losses disappoint, shares fall Feb 20th 2013, 15:29 Wed Feb 20, 2013 9:41am EST (Reuters) - Leap Wireless International Inc reported a narrower quarterly loss, but revenue fell 1.5 percent as it lost 337,000 net customers in the fourth quarter. The wireless service provider for budget-conscious customers who pay for calls in advance said its customer numbers were much worse than in the year-earlier quarter, when it reported net customer additions and 50 percent more gross additions. Leap said in the latest quarter it was hurt by "general softness in the prepaid sector" and an increase in the average price of its mobile devices. But the company - which competes with rivals such as MetroPCS Communications Inc and Sprint Nextel Corp and a host of other prepaid services - promised a reduction in customer defections for 2013 as it makes improvements to its service. Leap said its net loss narrowed to $74.3 million or 96 cents per share from a loss of $84.4 million or $1.10 per share in the year-earlier quarter. Revenue fell to $756 million from $767.4 million and was behind Wall Street expectations for revenue of $778.8 million, according to Thomson Reuters I/B/E/S. Leap shares were down 32 cents or more than 5 percent at $5.80 in morning trade on Nasdaq. (Reporting By Sinead Carew; Editing by Gerald E. McCormick)

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