Reuters: Mergers News: UPDATE 1-Clearwire loss narrows, revenue rises

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Clearwire loss narrows, revenue rises Apr 26th 2012, 21:40 Thu Apr 26, 2012 5:40pm EDT * Q1 share loss $0.44 vs loss $0.89 year ago * Rev $322.6 mln vs Street view $314.56 mln * Cuts 2012 capex target * Sees making progress in wholesale deals this year * Shares rise 6 percent to $1.56 in late trade April 26 (Reuters) - Clearwire Corp's first-quarter revenue increased above Wall Street expectations and its loss narrowed as it cut costs, sending its shares up 6 percent in late trade. The company, which is majority owned by Sprint Nextel, also cut its capital spending target for the year. Clearwire said its quarterly loss narrowed to $181.8 million, or 44 cents per diluted share, from a loss of $226.96 million, or 89 cents per share, in the year-ago quarter. Revenue rose to $322.6 million from $236.8 million and compared with Wall Street expectations for $314.56 million, according to Thomson Reuters I/B/E/S. Clearwire cut its capital spending budget for 2012 to a range of $350 million to $400 million from its previous target of $450 million to $550 million. The company said it expects to use vendor financing for the majority of the equipment it is buying to upgrade its network with high-speed technology Long Term Evolution (LTE). It added 586,000 new customers in the quarter. Clearwire shares rose to $1.56 in late trade after closing up almost 9 percent at $1.47 on Nasdaq. Link this Share this Digg this Email Reprints

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