Leap Into the Abyss: Stock Off 17 Percent on Q2 Rev Miss; Ratchets Down Subscriber Forecast as Churn Rises

San Diego-based prepaid cellular operator Leap Wireless (LEAP) wrapped up a horrendous day for budget calling that kicked off with Metro PCS’s (PCS) big miss for Q2 profit. Leap missed revenue estimates and reported a wider-than-expected loss per share for the quarter and ratcheted down its expectations for subscriber growth and profitability this year.

Revenue, excluding equipment sales, rose 30 percent, year over year, in the quarter ended in June to $541.6 million.

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