NII Holdings 3Q loss expands despite sub growth
RESTON, Va. (AP) — NII Holdings Inc., a provider of wireless service in Latin America, said Wednesday that its third-quarter loss expanded as revenue fell and the cost of sales rose.
The loss in the three months to Sept. 30 grew to $82.4 million, or 48 cents per share, from a loss of $300,000, or break-even per share, a year ago.
Analysts polled by FactSet expected a loss of 34 cents per share.
Revenue fell 15 percent to $1.49 billion, in line with analysts' expectations.
Although the company added 152,000 net new subscribers, up 11 percent from a year ago, it suffered the effects of foreign currencies weakening against the dollar, lower average revenue per subscriber and higher costs with the deployment of its third generation network.
The company lowered its guidance for consolidated operating income before depreciation and amortization for the full year through December to $1 billion from $1.4 billion previously.
Shares fell 46 cents, or 6.5 percent, to $6.61 in afternoon trading. Shares are down significantly from a 52-week high of $24.49 reached last Nov. 11.
