Leap Wireless posts quarterly profit
(Reuters) - Low-cost mobile firm Leap Wireless International Inc (LEAP.O) reported a quarterly profit, compared with a year-ago loss, helped by a nearly $130 million net gain from a recent spectrum sale to Verizon Wireless.
The company reported a net profit of $25 million attributable to common stockholders, or 32 cents per share, for the third quarter, compared with a loss of $68.8 million, or 90 cents per share, a year earlier.
(Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das)
(This story corrects paragraph 1 to say Leap posted a net profit due to a recent gain, and not because of a rise in demand for its high-speed broadband services)