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Technology / AI and automation

NEXTEL REPORTS DISMAL FIRST HALF RESULTS

McLean, Virginia-based Nextel Communications Inc has reported horrendous interim losses, but claims to have reached a turning point in its second quarter. The digital wireless provider reported six month net losses of $482.5m, up from losses of $248.7m reported at the same time last year, while revenue increased 75.8% to $256.6m. The company says the second quarter saw cash positive results before marketing costs. Since the end of the quarter Nextel has obtained some $1.0bn in equity investment and debt financing commitments, which it hopes will set it back on the road to recovery.

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CBR Staff Writer

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