Leap Wireless today reported its first quarter financial results, noting improved iPhone sales amidst significant customer and revenue losses. Leap, which began offering the iPhone in June of 2012 through its subsidiary Cricket Wireless, announced in February that weak iPhone sales would prevent it from purchasing its full allotment of iPhones from Apple.
We are also seeing improved sales of our iPhone® offering, having worked with Apple on new advertising, pricing plans and other promotions, and we look forward to continuing to collaborate with them.
Despite an increase in iPhone sales, Leap Wireless is reporting a loss of 93,000 customers, along with a 4.3% decline in total revenue to $789.9 million from $825.6 million during the year-ago quarter.
Leap has a three-year contract with Apple that requires the company to purchase at least $900 million worth of iPhone hardware. As a super-regional carrier, Leap utilizes roaming agreements to serve its 5.3 million customers.