MetroPCS Shares Fell 10.4% After Company Cut Full-Year Subscriber Forecast (PCS)

Thu. November 05, 2009; Posted: 02:18 PM

Nov 05, 2009 (SmarTrend(R) News Watch via COMTEX) -- PCS | Quote | Chart | News | PowerRating -- 11/5/2009 - MetroPCS (NYSE:PCS) shares fell 10.4% Thursday after the company reported a higher quarterly profit but cut its full-year subscriber forecast. The company said that continued economic weakness in the U.S. and increasing wireless market competition led to cutting the forecast. The company reported earning $73.6 million for Q3, a 64% increase year-over-year. Revenues for the quarter rose 30% to $895.6 million, ahead of the consensus estimates of $812.3 million. The company had more than 6.3 million subscribers at the end of the quarter, which is below expectations and cause by a drop in gross additions and increase in the rate of customer turnover. CEO Roger D. Linquist said, "We believe this was the result of continued U.S. macroeconomic weakness, an increasingly competitive environment, and upward adjustments we made to the price of certain handsets." MetroPCS said it now expects 1 million to 1.2 million in net subscriber additions for the full-year, down from 1.4 million to 1.7 million it had previously predicted.

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Metropcs Communications Inc (PCS) click here. Metropcs Communications Inc (PCS) has Short Term PowerRatings of 3. Details on Metropcs Communications Inc (PCS) Short Term PowerRatings is available at This Link.

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