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Clearwire cuts capital spending target, narrows loss outlook
NEW YORK |
NEW YORK Oct 25 (Reuters) - Clearwire Corp said on Thursday that it cut its capital spending target for 2012 as it is slowing down its network upgrade for high-speed wireless services to conserve money.
The wireless service provider, whose biggest shareholder is Sprint Nextel, cut its target for 2012 capital spending to a range for $125 million to $175 million from its previous budget of $350 to $400 million.
It also narrowed its forecast for an adjusted loss before interest, tax, depreciation and amortization in a range of $150 million to a loss of $200 million, compared with its previous target for a loss of $175 million to a loss of $225 million.
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