Leap Wireless posts quarterly profit

Wed Nov 7, 2012 11:07am EST

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(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)