San Diego-based Leap Wireless International Inc. was founded in 1998 as a spin-off from Qualcomm Inc. and today is the seventh largest wireless carrier in the United States, with 4,300 employees and nearly 5 million customers in 35 states. Leap markets its services under the Cricket brand and targets young, ethnically diverse and value-conscious consumers — 75 percent of whom use Cricket as their only phone. Traded on Nasdaq (LEAP), the company generated total revenues of $599 million in the third quarter of 2009, an increase of 20.7 percent from the previous year. Its focus on providing low-cost, prepaid wireless service has helped it grow during the economic downturn. But Leap faces heightened competition as the number of first-time wireless customers declines. The Wall Street Journal reported earlier this month that Leap’s board is looking into selling the company or merging with a rival.
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