Shares of wireless products and services provider United States Cellular Corporation (USM) are down more than 26% Friday morning after the company reported loss in its third quarter, that missed analysts' view.
The company reported loss of $12 million or $0.15 per share in the third quarter, compared with profit of $34 million or $0.38 per share in the same quarter a year ago, impacted by higher expenses. Analysts, on average, were expecting profit of $0.22 per share.
Operating revenues, however, increased slightly to $1.083 billion from $1.016 billion for the same period one year ago.
Looking forward, the company has cut the upper end of its full-year service revenue outlook. It currently sees service revenue in the range of $3.1 billion-$3.15 billion versus $3.1 billion-$3.2 billion expected earlier. In the previous year, the company had service revenue of $3.115 billion.
USM, currently at $22.95, has traded in the range of $22.57-$33.67 in the last 1 year.
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