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Article: Virgin Mobile USA stock down on economic worries.(Upfront)
- Article from:
- RCR Wireless News
- Article date:
- November 19, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: KELLY HILL
Investors sent Virgin Mobile USA Inc.'s stock plunging after it released decent quarterly results because of worries about the impact of an increasing competitive prepaid landscape as well as economic impacts on the company's customer base.
Virgin Mobile USA's stock was down more than 15% in early trading Friday.
Virgin Mobile USA CEO Dan Schulman told analysts during the company's conference call that Virgin is seeing dual effects on its customer base from the economic conditions: on one hand, subscribers are turning to Virgin Mobile USA as they seek to cut their household wireless costs, but at the same time, the company's ...