Leap Wireless LEAP posted the results of their second quarter after the close on Thursday. EPS came in at -$2.09 versus the analyst consensus of -$1.12. This is a whopping 87 percent miss. Revenue landed at $731.5 million while analysts were looking for $735.07 million.
The company recorded a churn rate of 3.6 percent for the company’s core wireless business. The rate was 4.3 percent overall. The company blames tough competition and the demand for 4G service for the net loss of customers.
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Leap Wireless saw free cash flow of negative 33 million versus a 103.8 million loss for the same quarter last year. Most of this upside can be seen in a reduction of capital expenditures.
Leap has been in the news recently when it was announced that AT&T T was bidding for the company when shares jumped more than 100 percent.
Investors have hardly reacted to the earnings with shares still at $16.63, as they were on the close.
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