SAN DIEGO—Leap Wireless International Inc. reported 268,000 net customer additions for the first quarter of this year, ahead of estimates of around 240,000 net additions. The carrier, which markets its Cricket wireless service in 40 markets, ended the quarter with nearly 1.4 million subscribers.
Average revenue per user increased from $38 during the fourth quarter of last year to $38.40 during the first quarter with cash cost per user dropping $9 to $25.80. Cost per gross add was reported at $246, ahead of analysts’ expectations of $225.
In the carrier’s mature markets where it has been in operation for more than one year, customer churn was recorded at 3.4 percent with penetration of 7.7 percent.
Leap posted total revenue for the quarter of $140.1 million compared with $36.7 million reported for the first quarter of last year. Net loss also increased from $114.3 million last year, or $3.88 per share, to $196.6 million this year, a loss of $5.32 per share.
