Clearwire (Nasdaq: CLWR), the current wireless option for Comcast (Nasdaq: CMCSA), Time Warner Cable (NYSE: TWC) and Bright House Networks and the 4G path for Sprint (NYSE: S), continues to hang in there and perhaps even breathe a little easier thanks to what the wireless provider described as "a record quarter of results."
The WiMAX-based provider said it boosted its subscriber base to 6.15 million customers, a 533 percent jump from the 971,000 who were aboard last year. The new base includes 1.29 million retail subs (155,000 joined during the quarter) and 4.86 million wholesale customers, including 1.6 million new additions in the quarter. Revenue was also up with pro forma revenue of $258.1 million up 142 percent over 2010's $106.7 million.
Clearwire got more than a little help in the quarter from Sprint, which poured $1 billion more into the provider and is "driving the majority of" the carrier's wholesale revenue, said John Stanton, chairman and interim CEO. "We are seeing some positive trends, particularly with our cable company partners ... but in terms of the percentage of the total, it's predominantly Sprint."
That would seem to be borne out by the fact that neither Time Warner Cable nor Comcast executives addressed Clearwire during their recent earnings calls.
- see this news release
Sprint gives Clearwire $1 billion infusion
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