It took a while, but Leap Wireless (LEAP) has posted a solid quarter. Leap, which sells cheap, all-you-can-eat mobile phone service, was supposed to release results after market close yesterday but didn’t release them til this morning. If there was an explanation, we missed it.
In any case, Leap posted $468 million in Q1 revenues, up 19% year-over-year, beating the Street’s $459 million consensus.
Net loss of $18.1 million, or 27 cents per diluted share, was better than Q1 2007, when the company lost $24.2 million, or 36 cents per diluted share. Leap missed the Street’s ($0.02) expected loss, but at this point, growth is more important than profit.
Speaking of growth, Leap added 230.000 net subscribers last quarter, soundly beating Goldman Sachs analyst Scott Malat’s estimate of 208,000. The company plans to expand its network to reach another 8 million people by mid-2008, or 15% more than the roughly 53 million people Leap currently reaches.
Leap shares are up 7% today to $53.80. Up next: A new bid from MetroPCS (PCS)?