MetroPCS Communications Inc. (NYSE: PCS) reported that its first-quarter net income surged to $56.4 million, or 15 cents a share, from $22.7 million, or 6 cents, in the year-ago quarter. Revenue rose to $1.19 billion from $970.5 million. Analysts, on average, expected the company to report earnings of 19 cents a share on revenue of $1.13 billion.
"We reported record net subscriber additions of over seven hundred twenty-five thousand this quarter, the highest in company history. Building on the strong momentum we had throughout 2010, continued interest in our Wireless for All plans and in the significant uptake of our Android Smartphones, total subscriber growth was 21% year over year. We also reported churn of 3.1% representing a significant year over year reduction from first quarter 2010 churn of 3.7%. We believe we are well positioned in this competitive marketplace by providing mobile broadband on cutting-edge Smartphones for an affordable price to our subscribers," said Roger D. Linquist, Chairman, President and Chief Executive Officer of MetroPCS.
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