Customer attrition led wireless service provider Clearwire Corporation(NASDAQ:CLWR) to report a second quarter loss that was lower than analyst estimates and vowed to conserve cash in the future.
The adjusted loss was 29 cents a share, the Bellevue-based company said on Thursday compared to analyst estimates of 32 cents a share.
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Revenue was $316.9 million, below analyst projections of $321 million.
Clearwire shares have already shed 60 percent in value since March last year but on Thursday it closed up 12 percent at $1.01 on Nasdaq. Investors have been uncertain about the prospects of the company which has provided very little clarity on additional funds it would need to expand its high-speed wireless network.
The company, which ended the second quarter with $1.2 billion of cash, however assured investors on Thursday that it had enough funds to last a full year while cash reserves would be boosted by higher revenues and cost reduction measures.
Clearwire estimated a 2012 adjusted loss, before interest, tax, depreciation and amortization, of $175 million to $225 million, below its previous loss forecast of $250 million to $350 million.
The company also raised its revenue target range for the year to $1.2 billion to $1.3 billion from its previous expectation for $1.15 billion to $1.25 billion.
Shares of pharma firm Gilead Sciences, Inc.(NASDAQ:GILD) Inc also rose 3.17 percent in pre-open session after it reported results, beating analyst expectations though second-quarter earnings slid 4.6 percent due to a spike in costs that offset revenue growth.
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Shares were at $54.10 in after-hours trading on Thursday as results, taking its total gains this year to 26 percent.
Net income fell 4 percent to $711.6 million or 91 cents a share due to costs associated with the $11.1 billion acquisition of hepatitis C drug developer Pharmasset Inc. and interest expenses while revenue rose 12.5 percent to $2.41 billion, led by sales of antiviral drugs like Atripla, Truvada and Viread.