Leap Wireless International (Nasdaq: LEAP) is expected to report Q2 earnings on July 30. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Leap Wireless International's revenues will decrease -6.4% and EPS will remain in the red.

The average estimate for revenue is $736.7 million. On the bottom line, the average EPS estimate is -$1.05.

Revenue details
 Last quarter, Leap Wireless International logged revenue of $789.9 million. GAAP reported sales were 4.3% lower than the prior-year quarter's $825.6 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at -$1.49. GAAP EPS were -$1.43 for Q1 against -$1.28 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 35.5%, 280 basis points worse than the prior-year quarter. Operating margin was -4.3%, 240 basis points worse than the prior-year quarter. Net margin was -14.1%, 220 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $2.97 billion. The average EPS estimate is -$5.05.

Investor sentiment
 The stock has a one-star rating (out of five) at Motley Fool CAPS, with 177 members out of 234 rating the stock outperform, and 57 members rating it underperform. Among 49 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 37 give Leap Wireless International a green thumbs-up, and 12 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Leap Wireless International is hold, with an average price target of $5.38.

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