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Virgin Mobile USA
Virgin Mobile USA was a no-contract Mobile Virtual Network Operator. It used Sprint's network for coverage. It licensed the Virgin Mobile brand from United Kingdom-based Virgin Group. Virgin Mobile USA was headquartered in Kansas City, Missouri, and provided service to approximately 6 million customers.
Founded in 2001 as a joint venture between Virgin Group and Sprint Corporation, Virgin Mobile USA commenced operations in June 2002 as a mobile virtual network operator (MVNO), providing services via the Sprint 1900 MHz CDMA network. In 2009, Sprint Nextel bought out joint-venture partner Virgin Group, becoming the sole owner of Virgin Mobile USA.
In June 2017, Virgin Mobile dropped all Android and began to only offer iPhones to new customers under its new "Inner Circle" unlimited plan. Following the discontinuation of the plan in 2018, it began to restore Android devices to its lineup.
In January 2020, Virgin Mobile announced that it would shut down, and transfer its remaining customers to Boost Mobile the following month in preparation for the Sprint and T-Mobile merger.
Virgin Mobile USA was formed in 2000 in San Francisco. In July 2000, John Tantum and Dave Whetstone pitched Richard Branson on entering the U.S. market after Virgin had successfully launched Virgin Mobile in the United Kingdom in 1999. At that point, the U.S. team began pitching the U.S. mobile operators on the concept of an MVNO, which at the time was not well understood. The MVNO concept Virgin Mobile was pitching to mobile operators was a joint venture, where both parties would have aligned incentives, rather than the often-contentious relationship that mobile operators had with resellers. A joint venture was created between Virgin Group and Sprint Corporation, and Dan Schulman was brought in to run the business. Virgin Mobile USA began operating in the summer of 2002. Because prepaid mobile had a downmarket perception at the time, Virgin Mobile USA called its service "pay as you go."[citation needed]
In May 2007, Virgin Mobile USA, Inc. initiated an initial public offering (IPO) by filing with the United States Securities and Exchange Commission. On October 10, 2007, Virgin Mobile's sold 27.5 million shares at US$15 per share, at the low end of the original $15–$17 prediction.
On November 15, 2007, approximately one month after the IPO, Virgin Mobile USA announced earnings for the three-month period ended September 30, 2007. The company reported that its third-quarter loss widened to $7.3 million, compared with a loss of $5.1 million in the year-ago quarter. The company also reported a pro-forma loss of 15¢ per share, compared with a loss of 10¢ per share in the year-ago period. As of November 16, 2007[update], shares of the company's common stock had declined to $9.19 per share.[citation needed]
The company reported in 2007 that it held an exclusive license for the Virgin Mobile brand in the United States, U.S. Virgin Islands and Puerto Rico until the end of 2027. In exchange, Virgin Mobile USA agreed to pay 0.25% of gross revenues up to an annual limit of $4 million, adjusted annually for inflation.
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Virgin Mobile USA
Virgin Mobile USA was a no-contract Mobile Virtual Network Operator. It used Sprint's network for coverage. It licensed the Virgin Mobile brand from United Kingdom-based Virgin Group. Virgin Mobile USA was headquartered in Kansas City, Missouri, and provided service to approximately 6 million customers.
Founded in 2001 as a joint venture between Virgin Group and Sprint Corporation, Virgin Mobile USA commenced operations in June 2002 as a mobile virtual network operator (MVNO), providing services via the Sprint 1900 MHz CDMA network. In 2009, Sprint Nextel bought out joint-venture partner Virgin Group, becoming the sole owner of Virgin Mobile USA.
In June 2017, Virgin Mobile dropped all Android and began to only offer iPhones to new customers under its new "Inner Circle" unlimited plan. Following the discontinuation of the plan in 2018, it began to restore Android devices to its lineup.
In January 2020, Virgin Mobile announced that it would shut down, and transfer its remaining customers to Boost Mobile the following month in preparation for the Sprint and T-Mobile merger.
Virgin Mobile USA was formed in 2000 in San Francisco. In July 2000, John Tantum and Dave Whetstone pitched Richard Branson on entering the U.S. market after Virgin had successfully launched Virgin Mobile in the United Kingdom in 1999. At that point, the U.S. team began pitching the U.S. mobile operators on the concept of an MVNO, which at the time was not well understood. The MVNO concept Virgin Mobile was pitching to mobile operators was a joint venture, where both parties would have aligned incentives, rather than the often-contentious relationship that mobile operators had with resellers. A joint venture was created between Virgin Group and Sprint Corporation, and Dan Schulman was brought in to run the business. Virgin Mobile USA began operating in the summer of 2002. Because prepaid mobile had a downmarket perception at the time, Virgin Mobile USA called its service "pay as you go."[citation needed]
In May 2007, Virgin Mobile USA, Inc. initiated an initial public offering (IPO) by filing with the United States Securities and Exchange Commission. On October 10, 2007, Virgin Mobile's sold 27.5 million shares at US$15 per share, at the low end of the original $15–$17 prediction.
On November 15, 2007, approximately one month after the IPO, Virgin Mobile USA announced earnings for the three-month period ended September 30, 2007. The company reported that its third-quarter loss widened to $7.3 million, compared with a loss of $5.1 million in the year-ago quarter. The company also reported a pro-forma loss of 15¢ per share, compared with a loss of 10¢ per share in the year-ago period. As of November 16, 2007[update], shares of the company's common stock had declined to $9.19 per share.[citation needed]
The company reported in 2007 that it held an exclusive license for the Virgin Mobile brand in the United States, U.S. Virgin Islands and Puerto Rico until the end of 2027. In exchange, Virgin Mobile USA agreed to pay 0.25% of gross revenues up to an annual limit of $4 million, adjusted annually for inflation.
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