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November 13, 1997updated 03 Sep 2016 9:10pm

HUGE LOSSES CONTINUE AT NEXTEL

By CBR Staff Writer

Money-bleeding digital wireless company Nextel Communications Co has reported another huge loss – this time called Q3 and weighing in at $306.1m, more than double the $148.8m loss for the corresponding quarter last year. Operating loss was $256m. The net loss include a one-time charge of $18.7m – or $0.07 per share – stemming from international operating activities. Discounting the charge losses came in about $0.02 lighter than Wall Street was expecting. Revenue for the quarter continued to improve drastically, however, rising 128% to $207.2m. That figure also represents a sequential increase of 42% from Q2. Core radio service revenues – reflecting airtime usage and monthly fees – rose 143% to $201.1m. Digital subscriber units rose by 322,200 during the quarter to roughly 946,600. At the same time last year, Nextel had only 228,000 subscribers. Nine-month net loss was $788.6m on revenue up 96% at $463.8m, compared to a loss of $397.6m last year. The company has cash and marketable securities of $563.3m.

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