Google takes hit in Clearwire deal |
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Google takes hit in Clearwire deal
First it was Intel. Now Google.
The two tech titans have both written down their massive investments in Clearwire in recent weeks, with Google announcing yesterday that it plans to take a $355 million charge related to its bet on the Kirkland broadband wireless provider. Google, which finished the year with $15.8 billion in cash and cash equivalents, also took a $726 million non-cash impairment charge related to AOL.
"Both deals made sense to us then and make sense to us now, and continue to be a strategic part of our overall business philosophy," Google CEO Eric Schmidt said in an earnings call.
Earlier this month, Intel said it would take a $950 million impairment charge related to its Clearwire investment.
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