Leap Wireless Down 20% on Disappointing Q1 Earnings

Leap Wireless International LEAP is getting hit hard on today's trading session following its Q1 earnings announcement. The company reported an EPS of $(1.28) vs $(0.99) estimates and revenues of $825.6 million vs $831.42 million estimates. Doug Hutcheson, Leap's president and chief executive officer said: "Our financial and operational results demonstrate the strength of our business and confirm that our strategy continues to deliver, even in the face of a challenging economic and competitive environment. Net customer additions were solid, reflecting increased gross customer additions year over year, offset by slightly higher voice churn as well as lower year-over-year broadband gross additions due to the Company's focus on higher-value voice service plans." Leap Wireless is currently trading $6.16, a loss of $1.55 or 20.17%.