Leap Wireless Shares Fall 5% On Earnings Miss (LEAP)

Leap Wireless International, Inc. LEAP late on Tuesday released financial results that missed Wall Street expectations. Leap Wireless International, Inc reported an adjusted 3rd quarter net loss of 98 cents per share. Revenue rose 0.5% to $602.7 million, up from $599.5 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 51 cents per share, on revenue of $622.27 million. President and chief executive officer Doug Hutcheson said, “The Company's results reflect the significant transition of our business in the third quarter as we aligned our business to meet the changing needs of our customers and improve the Company's financial performance. The changes we made included our introduction of new, all-inclusive service plans, our elimination of reactivation and other fees, changes in our dealer compensation structure and our introduction of a compelling device line-up, including smartphones. We are now beginning to see the positive trends from this transformational work. Once we completed the device transition in mid-September, customer activity substantially improved and this momentum has continued into the fourth quarter.” Leap Wireless International, Inc. (LEAP) ended the Tuesday trading session at $11.52 per share, then the fell 5.3% to $10.91 during after hours trading. Analysts covering the company's stock have a consensus price target of $14.53 per share. Read more from Benzinga's Company news.