Clearwire (CLWR) Reports a Q3 Loss; Maintains Business Outlook for 2009-10
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Clearwire Corporation (NASDAQ: CLWR) reports a Q3 loss of $0.43, in-line with the analyst estimate of ($0.43). Revenue for the quarter was $68.8 million, which compares to the estimate of $66.62 million.
Clearwire maintained its business outlook for 2009 and 2010, expecting consolidated average revenue per user to be generally sustained at current levels over this period of significant development and expansion of its wireless 4G network. The Company continues to anticipate that Churn will increase in its pre-WiMAX markets as the Company transitions these networks to mobile WiMAX technology and that cost per gross addition will increase, particularly in the fourth quarter of 2009, as new markets are launched.
Clearwire is now targeting total net cash spend, which represents the change in cash and short-term investment balances, of approximately $750 million in the fourth quarter of 2009, or approximately $1.9 billion for the full year 2009 which is at the high end of the $1.5 billion to $1.9 billion range originally targeted for the year. The Company ended the third quarter of 2009 with total cash and short-term investment balances of approximately $2.0 billion. The Company has announced new equity and debt funding commitments which collectively total $1.8 billion from a group of its strategic investors, assuming the new debt offering is fully subscribed and completed as planned.
UPDATE: Click here to see some highlight's from Clearwire's Q3 conference call.
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