Dreary times are among us and we see more companies reporting loses than ever before. Since the global economy went into a slump, consumers are being more conscious about their spending habits and cutting costs anywhere possible. So it’s not uncommon to find someone switch from a contract service to something like month-to-month or pre pay service. Virgin Mobile reported its fiscal year 2008 financial report that ended on December 31, 2008 with some remarkable results. The MVNO company that operates using Sprint’s CDMA network reported a 5 percent growth for its revenue during the year totaling at $1.3 billion. They also saw some growth during the year despite the economic downturn commencing during the fall with a 6 percent growth in subscriber base coming in at 5.4
million. After all said and done, their net result was an astounding $7.9 million; up 88 percent versus 2007. Although there is steep competition in the market, it looks like Virgin Mobile is standing strong with its handset lineup and services. Maintaining that type of growth will be imperative for their fiscal 2009 year.