UTStarCom released its third-quarter results with a net loss of $402.7 million compared to last year's profit of almost $5 million. The company attributed the loss to charges of approximately $341.4 million that include asset impairment and associated taxes. The company said its net loss in the first nine months of 2005 reached $439.4 million compared with last year's loss of $103.6 million. UTStarCom did not make a full year earnings forecast for 2006 but said it hopes to exceed its initial expense reduction targets by the first quarter.
For more on UTStarCom's Q3 results:
- see this article from AFX