Leap’s customer gains beat forecast
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Leap Wireless International Inc., provider of the Cricket and Jump mobile-phone services, added more subscribers than forecast in the fourth quarter after a holiday sales boost.
Leap, based in San Diego, said it added about 152,000 net new customers. In November the company predicted gains of 70,000 to 130,000. The rate of “churn,” or customer turnover, was 4.2%, which also beat forecasts.
The results are a reversal from the previous quarter, when Leap’s subscriber gains missed projections and led to the stock’s biggest drop in three years.
Leap’s shares rose $4.16 to $42 in late trading after closing at $37.84.
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