US Wireless Operators' Q2 2012 Scorecard

The seasonably soft second quarter has come to a close with all the major U.S. wireless operators having reported their earnings -- with varying levels of success.

Sanford C. Bernstein & Co. Inc. analyst Craig Moffett dubbed the second quarter, "Goldilocks Wireless," which he defines as "a period of just-right slow growth and above average profitability."

Broken down, it means that -- in general -- weak subscriber growth metrics plus strong revenue per user metrics plus low churn rates and subsidies and stellar profitability metrics average out to a just right quarter. Overall, traditional post paid subscribers actually declined in the second quarter, and even prepaid subscribers slowed, but higher average revenue per user (ARPU) helped keep margins in check.

For Verizon Wireless and AT&T Inc. (NYSE: T), the quarter was defined by growth in Long Term Evolution (LTE) and prepping for new pricing plans. For Sprint Corp. (NYSE: S) and T-Mobile US Inc. , it was marked by trying to retain customers in the wait for LTE and eking out more revenue from each in the meantime. (See Verizon: One Data Bucket to Rule Them All and AT&T Joins Verizon in the Shared Data Pool.)

The smaller players, MetroPCS Inc. (NYSE: PCS), Leap Wireless International Inc. (Nasdaq: LEAP), U.S. Cellular Corp. (NYSE: USM) and Clearwire LLC (Nasdaq: CLWR) felt the squeeze more as they transitioned to LTE and duked it out on price.

Check out the charts below for a look at some of the U.S. operators' key metrics and how they compared in the second quarter.

Table 1: Tier 1 Wireless Operators Q2 Scorecard

	Verizon Wireless	AT&T Wireless	Sprint	T-Mobile
Wireless Revenue	$18.6 billion	$16.4 billion	$7.3 billion	$4.4 billion
Total Subscribers	94.2 million	105.2 million	56 million	33.1 million
Subscriber Additions	1.2 million	1.3 million	442,000	lost 205,000
Postpaid ARPU	$56.13	$64.93	$63.38	$57.35
Postpaid Churn	0.84%	0.97%	1.69%	2.1%
Data ARPU	$24.53	$28.04	Does not report	$19.16
Source: Wireless operators' Q2 wireless-only results

Table 2: Tier 2 Wireless Operators Q2 Scorecard

	MetroPCS	Leap Wireless	US Cellular	Clearwire
Total Revenue	$1.3 billion	$786.8 million	$1.1 billion	$316.9 million
Total Subscribers	9.3 million	5.9 million	5.8 million	11 million
Subscriber Additions	lost 186,000	lost 289,270	lost 28,000	lost 42,000
ARPU	$40.62	$41.64	$54.42	$46.12
Churn	3.4%	4.4%	1.57%	4.4%
Source: Wireless operators' Q2 results

For more Q2 coverage

• T-Mobile Looks Ahead as It Bleeds Customers
• Leap Wireless Promises Results After Weak Q2
• MetroPCS: LTE Will Bring Subscribers Back
• Sprint LTE: First, We Take Manhattan (Kansas)
• Sprint Hunkers Down for Network Vision
• Verizon: Shared Data Won't Shake User Revenue
• Verizon CFO Is a Tease on iPhone Timing
• Verizon Reports $1.83B Profit for Q2
• AT&T's 4G Capex Gets Dense
• AT&T Sells 5.1M Smartphones in Q2

— Sarah Reedy, Senior Reporter, Light Reading Mobile