Leap Wireless Q3 profit falls 39%

Leap Wireless posted bleak third quarter results as profit fell 39 percent and it suffered a churn rate of 4.3 percent. The company earned $10 million in the quarter, down from $16.4 million during the same quarter last year. Revenue climbed 25 percent, however, to $287.5 million from last year's $230.5 million. The carrier said it added 161,000 net customers, bringing its subscriber base up to 1.97 million at the end of the quarter. The year as a whole, however, has been very good to Leap: It made out like a bandit in the AWS spectrum auctions and it says it will no longer need to raise VC money.

For more on Leap's Q3:
- see this article from the AP