Wireless provider Virgin Mobile USA (VM), soon to become part of Sprint Nextel Corp., reported higher second-quarter profit despite a drop in sales.
The Richard Branson-owned MVNO brought in $16.8 million, a leap from $3.5 million during the same period a year earlier. Lower operating costs helped buoy the numbers, executives said.
However, due in part to the recession, revenue fell from $319.9 million to $307.6 million, or 4 percent. Virgin Mobile USA lost 269,239 net subscribers.
Still, "Our financial results in the first half of the year have exceeded our expectations," CEO Dan Schulman said in a prepared statement.
