Clearwire's share price was down 25.18 percent to $13.49 on Friday after reporting less than stellar third-quarter results and a split up with Sprint Nextel that would have seen the two jointly build out a nationwide WiMAX network. The company' added 49,000 subscribers, 6,000 lower than estimates from Pali Research. Net loss for the quarter increased significantly primarily due to a one-time $159.2 million charge related to the refinancing of the company's senior debt during the quarter. Clearwire reported an adjusted EBITDA loss of $84.1 million in the third quarter compared with an adjusted EBITDA loss of $23.3 million in the third quarter 2006. The expanding losses were driven primarily by Clearwire's ongoing investment in the construction and deployment of wireless networks in new markets, associated market launch costs and increased total subscriber acquisition costs related to the additional markets. The EBITDA loss was $16 million more than what Pali Research had anticipated.
To find out more:
- take a look at this release
- read this post from Pali Research
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