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Article: Virgin Mobile USA's stock plunges; Quarterly loss digs into full-year gains, but posts records profit.(Upfront)(Financial report)
- Article from:
- RCR Wireless News
- Article date:
- March 17, 2008
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Copyright informationCOPYRIGHT 2008 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: MATT KAPKO
Virgin Mobile USA Inc. stock dropped more than 53% from its closing price after it reported a $14.7 million loss in the fourth quarter. The mobile virtual network operator did, however, report net income of $4.2 million for the full year, making 2007 the company's first year to end in the black.
The five-year-old company ended the year with nearly 5.1 million customers after adding 209,669 customers in the fourth quarter and 511,796 for the entire year. This was down significantly from the subscriber growth it experienced in 2006 when the company added 613,752 customers in the fourth quarter that year and brought in 729,313 for the entire year.
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