NII Holdings tops the list of worst performing Fortune 500 stocks for a second year in a row.
The Virginia-based company, which operates the Nextel brand in Latin America, is struggling to transition from the outdated push-to-talk technology to more data-friendly wireless networks.
NII (NIHD) has been swimming in red ink all year. It lost $300 million in the third quarter as 178,000 subscribers abandoned the company. For the year, NII is expected to lose more than $1 billion, according to FactSet.
The company recently announced plans to cut 1,400 jobs at its Reston headquarters and modify its policies for prepaid subscribers in Mexico, a move that could cost it 400,000 customers.
Mexico is historically one of NII's most profitable markets. But the company has been facing intense competition there from Carlos Slim's America Movil (AMX). --B.R.
