Virgin Mobile USA’s shares jumped 57 cents (20%) to $3.47 in midday trading on news of its better than expected (i.e. positive) first quarter earnings.
The wireless carrier reported $13.4 million (19 cents/share) in net income for Q1 2009, almost triple (2.85 times, to be more precise) that of 2008 Q1’s $4.7 million (7 cents/share) earnings. Overall revenue increased 2.2% to $337.3 million from $330 million.
In reaction to the numbers, VMUSA CEO Dan Schulman stated, “We are pleased with our first quarter results and the initial success of our new offers focused on high-quality customer additions.” This could be a nod to its August 2008 (when the deal was finalized) acquisition of the cult-sensation wireless carrier, Helio.
Guess the economic downturn isn’t affecting everyone. Now, how about some more intriguing handsets, VM?