Clearwire cuts capital spending target, narrows loss outlook

NEW YORK Thu Oct 25, 2012 4:25pm EDT

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.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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