NEW YORK (AP) -- Shares of wireless carrier MetroPCS Communications Inc. and smaller rival Leap Wireless International Inc. tumbled Friday after MetroPCS reported disappointing subscriber figures.MetroPCS said on Thursday it added 114,000 net subscribers during the third quarter. Citi Investment Research analyst Michael Rollins, who expected 125,000 net additions, said this was "light," especially considering the company's launch in Los Angeles roughly two weeks before the quarter's close.
Los Angeles was "surprisingly not a material contributor" to the quarter's subscriber numbers, "even though the market offered commercial service for roughly 2 weeks in 3Q, which was not included in our forecast," the analyst wrote.
Rollins, who rates MetroPCS "Hold," said the subscriber numbers highlight near-term challenges for the company and that it could delay a potential acquisition of Leap.
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