Friday, Nextwave Wireless Inc. (WAVE), reported a loss for the third quarter of 2008, that more than doubled from last year, as the company recorded losses of more than $196 million related to discontinued operations of its network infrastructure businesses.
Net loss applicable to shareholders for the third quarter was $240.77 million or $2.34 per share, compared to a loss of $107.78 million or $1.17 per share in the same period last year.
The San Diego, California-based company discontinued its network infrastructure businesses during the quarter that resulted in a loss of 196.2 million, including a $171.8 million write-down related to asset impairment and restructuring initiatives.
Net loss from continuing operations was $37.11 million, narrower than a loss of $48.99 million in the third quarter of 2007.
Technology licensing and service revenues totaled $18.21 million, up from $10.88 million in the prior-year quarter.
Total operating expenses rose to $61.10 million from $52.37 million in the prior-year quarter.
For the nine-month period, net loss applicable to common shareholders was $434.78 million or $4.35 per share, wider than a loss of $229.47 million or $2.60 per share herported in the corresponding period last year.
Technology licensing and service revenues increased to $51.47 million from $26.38 million a year ago.
WAVE is currently trading at $0.3066, up 5.72% or $0.0166, on a volume of 36,889 shares on the Nasdaq.
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