Clearwire Corp. may be on the cusp of a planned WiMAX revolution with Sprint in the future but, like its primary partner in its new joint venture, is struggling in the here and now.
After market close yesterday Clearwire reported losses of $176 million, or $1.08 per share, nearly double its losses in the quarter a year ago, despite revenue that increased some 76 percent to $51.5 million. Clearwire said the losses were due to its expansion in seven large markets.
Not all the news was bad. The company said its subscriber base grew 72 percent from a year ago, ending the quarter with some 443,000 subscribers.
It's deal with Sprint, Google and cable TV partners is expected to close in the fourth quarter. Sprint just reported losses of $500 million in the quarter and saw 1 million subscribers get out of Dodge.
- Read the Associated Press story in BusinessWeek