BELLEVUE, Wash. ( TheStreet) -- Clearwire ( CLWR) shares rose dramatically on Thursday after the mobile Internet specialist posted record revenue in its preliminary third-quarter results. The company racked up sales of $332 million, a massive 126% hike from the same period last year. Analysts surveyed by Thomson Reuters were looking for sales of $322.08 million.
The revenue number clearly resonated with investors, pushing Clearwire's stock up 19 cents, or 14.62%, to $1.49 shortly after market open. Clearwire also announced that net wholesale subscriber additions are expected to total a record 1.9 million for the quarter, representing sequential growth of 29%. The company's subscribers at the end of the third quarter will be around 9.5 million, it said. Additionally, the company expects to improve its adjusted Ebitda loss by more than 50% from the second quarter of 2011. Clearwire's stock tanked recently after key partner Sprint ( S) announced plans to build out its own 4G network based on LTE technology, apparently snubbing Clearwire's WiMAX offering. The WiMAX specialist, however, downplayed the impact of Sprint's move, arguing that the telecom giant still relies on its 4G technology. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org
|Clearwire has reported preliminary third-quarter results.|