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Sprint Nextel Cancels WiMAX Partnership with Clearwire
16/11/2007
American mobile phone carrier, Sprint Nextel, has scrapped plans to partner with wireless broadband startup, Clearwire, on a nationwide WiMAX network.
The partnership was reversed after Sprint decided to dismiss its CEO, Gary Forsee, last month. The collapse of this partnership is being seen as a major blow to Clearwire, whose stock price dropped more than 25% yesterday, to close at $13.49 on the NASDAQ.
Clearwire`s losses have swelled significantly for the past three years, and its thirdquarter sales totaled just $41.3 million, or less than one hundredth of Sprint`s.
The Sprint deal was really good for Clearwire, and it`s bad that they lost that, commented Jefferies & Co. analyst, Jonathan Schildkraut. Clearwire will have to shoulder a bigger burden to get broader network coverage.
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