Orlando, FL 4/26/12 (StreetBeat) -- Shares of MetroPCS (NYSE: PCS) and Leap Wireless (Nasdaq: LEAP) both fell hard Thursday morning following disappointing earnings results from both pre-paid wireless carriers. MetroPCS saw its shares fall 11% to $7.04 after the company reported a 63% drop in first-quarter profits on a sharply lower number of new subscribers compared to the same period last year.Leap Wireless plunged nearly 24% to $5.89 after the company also reported a sharp decline in new subscribers for the quarter, along with a net loss of $98.4 million. "If anything, the poor results from MetroPCS, and cautious guidance from Leap, suggest that things might be getting more difficult for the pre-paid specialists," wrote Craig Moffett of Bernstein Research in a note to clients.
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