MetroPCS (PCS) Slammed As Net Additions Fall Short
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Shares of MetroPCS Communications, Inc. (NYSE: PCS) are under heavy pressure today after Q4 net add missed expectations.
MetroPCS ended the fourth quarter of 2010 with over 8.1 million subscribers, which includes net additions during the quarter of 298 thousand subscribers. Wall Street was looking for net additions in the high 300K-400K range.
The company cited severe weather occurring during peak selling season in late December.
Analysts at Goldman Sachs believe it was not just the weather. They calculated that the storms in the Northeast, 30% of business, attributed to a shortfall of 50K.
Shares of PCS last traded at $13.19, down 7.5%.
MetroPCS ended the fourth quarter of 2010 with over 8.1 million subscribers, which includes net additions during the quarter of 298 thousand subscribers. Wall Street was looking for net additions in the high 300K-400K range.
The company cited severe weather occurring during peak selling season in late December.
Analysts at Goldman Sachs believe it was not just the weather. They calculated that the storms in the Northeast, 30% of business, attributed to a shortfall of 50K.
Shares of PCS last traded at $13.19, down 7.5%.
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