Virgin Mobile USA Earnings Report Shoots Stock Way Up

Virgin Mobile USA (VM) bucked the trend with a solid first quarter of 2009, according to its earnings statement released Monday.

Solid may be an understatement, in fact. The company’s earnings more than doubled with an increase in revenue and a churn rate that was lower than during the same period last year. Virgin believes flexible, reasonably priced rate plans were a factor. (The company also slashed its flat-rate calling plan to $50 just a little more than one month ago.)

The earnings report was great news for the company’s stock, which rose 21 percent on Monday. Shares have quadrupled in value over the past year.

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