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Nextel misses forecasts
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February 23, 1999: 8:30 a.m. ET
Cellular phone company's loss 2 cents higher than Wall St. estimates
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NEW YORK (CNNfn) - Nextel Communications Inc. Tuesday reported losses a bit higher than Wall Street had expected as sales more than doubled in the fourth quarter.
The cellular phone company said it cuts its loss to $413 million, or $1.43 a share, in the fourth quarter, from $841 million, or $3.18 a share, a year earlier. Investors were looking for a loss of $1.41 a share, according to First Call, which tracks analysts' forecasts.
Revenue rose 115 percent to $592 million from $275 million.
The McLean, Va.-based company said it more than doubled its number of digital cellular users to 2.96 million last year, adding 372,500 new subscribers in the fourth quarter.
Nextel has grown rapidly but also has been cutting cellular service prices to win customers. It said, however, that average revenue per cellular unit held steady in the fourth quarter.
For the year, Nextel reported a loss of $1.8 billion, up from $1.6 billion in 1997, while its per-share loss fell to $6.46 from $6.59 as its shares outstanding rose almost 12 percent.
Revenue more than doubled to $1.8 billion.
Nextel stock rose 1-3/8 to 31-15/16 Monday. 
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Nextel Communications
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