U.S. Cellular’s third-quarter revenue dipped 17 percent annually to $862 million and in turn, the company posted a net loss of $9 million for the quarter.
On top of the dismal profit, U.S. Cellular reported losing a net 71,000 subscribers in the third quarter, attributing much of migration to issues with a new billing system.
Despite the bad news, U.S. Cellular remained optimistic, looking ahead to the impact of its new shared data plans and its Nov. 8 launch date for the new iPhones and iPads.
In addition, it was pleased with the interoperability agreement for the lower 700 MHz, saying that now both Band 5 and 12 will be included in the carrier’s LTE coverage. U.S. Cellular indicated during its earning call that it will be encouraging the FCC to adopt similar interoperability standards for the 600 MHz that will be auctioned soon.
U.S. Cellular indicated that its LTE network was now covering approximately 90 percent of its customers. Meanwhile, the carrier has been benefitting from the sale of “non-strategic” spectrum, claiming pre-tax cash proceeds of more than $400 million from recent deals.
U.S. Cellular stock was down almost three percent as of 10:13 a.m. CT.