Leap Wireless Disappoints, Shares Fall 5% (LEAP)

Leap Wireless International, Inc. LEAP released financial results late Tuesday that missed Wall Street estimates. The company also reported a surprising net loss of 112,000 customers during the last quarter. Leap Wireless International, Inc. announced that it narrowed its 2nd quarter net loss to $19.3 million, or 24 cents per share, from $61.2 million, or 89 cents per share, a year earlier. Revenue climbed 6% to $633.5 million, up from $597.4 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 23 cents per share, on revenue of $671.77 million. President and chief executive officer Doug Hutcheson said, “We expected second quarter net customer additions to be seasonally soft, and while customer activity in the quarter was even softer than expected, we believe it will strengthen in coming quarters as a result of the actions we are taking." Leap Wireless International, Inc. (LEAP) finished Tuesday trading down 5.79% at $11.56 per share, then fell a further 4.84% to $11 per share during after hours trading. The consensus price target of analysts covering the company's stock is $19.18 per share. Read more from Benzinga's Company news.