Losses mounting, Clearwire to expand in Chicago, other cities |
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Losses mounting, Clearwire to expand in Chicago, other cities
Clearwire plans to deploy its broadband wireless service in Las Vegas, Atlanta, Chicago, Philadelphia and Dallas later this year, with plans to roll it out in New York, San Francisco, Boston, Houston and Washington D.C. next year.
The Kirkland company also announced two new products to help customers access wireless networks as they travel between cities or neighborhoods. Later this month, Clearwire said it will introduce a "personal hot spot" device that helps customers access the Internet on both WiMax and Wi-Fi networks.
This summer it also is introducing a new 3G/4G modem that will allow customers to seamlessly switch between Clearwire's WiMax networks and Sprint's 3G network. The announcements come on top of the company's year-end results, which showed a massive loss of $432 million in 2008. That compares to a loss of $224 million in 2007.
The company posted pro forma revenue of $230 million, up 52 percent over the prior year. For the fourth quarter, the company said that revenue grew by 32 percent to $59.7 million. Its subscriber base also increased, with the company now counting 475,000 customers.
“In this difficult economic climate, our objective is to continue to balance the prudent use of our significant financial resources with our desire to take full advantage of the market opportunity that is in front of us, and we intend to do just that," said CEO Ben Wolff in a release. "This means retaining the flexibility to accelerate or decelerate our expansion based on our own successes and the macro economic environment."
Clearwire, which raised more than $3 billion last year from Intel, Comcast, Google and others, finished the year with $3.1 billion in cash.
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