Thursday, February 16, 2012 5:32:51 AM
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Clearwire shares traded sharply lower after hours Wednesday on a weaker-than-expected financial outlook for 2012.
The company posted Q4 revenue of $361.9 million, up 107% year over year, while full year revenue was $1.25 billion, up 134%. The wireless broadband network operator posted a loss from continuing operations of 81 cents a share, worse than the Street consensus forecast for a loss of 35 cents.
Clearwire said it finished Q4 with 10.4 million subscribers, up 140% from 4.3 million a year ago. In the quarter, the company added 873,000 net new subs, including 904,000 new wholesale subscribers, most of those Sprint 3G/4G customers, and the loss of 31,000 retail subscribers.
For 2012, the company sees revenue of $1.25 billion to $1.25 billion, or in other words, at best flat with 2011. The Street has been projecting $1.37 billion. Clearwire sees an adjusted EBITDA loss for the year of $250 million to $350 million, compared with a loss of $313.9 million in 2011.
The company noted that it expects capital spending of $450 million to $550 million this year, most of that in the second half of the year.
CLWR in late trading is down 27 cents, or 11.4%, to $2.09.
http://www.forbes.com/sites/ericsavitz/2012/02/15/clearwire-slides-on-disappointing-2012-revenue-view/?partner=yahootix
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