Clearwire (CLWR) opened way down today trading as low as $26.47. But, late in the day, the shares made a sharp turn north and closed up almost 3% at $29.52. Just after hours, Clearwire jumped another 2%.
Someone on Wall St. thought the recent WiMax IPO was going to report a good quarter.
On a consolidated basis, Clearwire’s second-quarter service revenue more than doubled to $35.5 million from $15.4 million in the same quarter of 2006. The First Call consensus was $33.26 million
The company had a net loss of $118 million. or $.72 a share. Wall St. was hoping for a $.60 loss.
The company did show some growth in its WiMax subscriber base. Clearwire reported approximately 41,000 net subscriber additions for the quarter ended June 30, 2007. The increase brings the total subscriber base to 299,000, a 130 percent increase over the subscriber base at the end of the second quarter of 2006, and a 16 percent sequential quarter increase.
It was not the quarter investors were looking for
Douglas A. McIntyre