Additionally, it will dismiss a substantial number of contractors as well as 15% (about 630) of its ~4,200 employees. Clearwire believes those changes could yield a savings of between $100 and $200 million.
The 4G provider is also looking for ways to secure additional capital, including "strategic transactions" and "additional debt or equity financings and/or asset sales." Despite its loss, Clearwire reported plenty of positive results for the recent period and it remains "cautiously optimistic."
Revenue increased 114% year-over-year to $147 million as the company witnessed strong demand for its mobile broadband service, adding 1.23 million subscribers for a total of 2.84 million, up 402% on-year. Its 4G network now reaches 100 million people and by the end of 2010 it plans to cover 120 million people and have more than 4 million subscribers.