MOUNTAIN VIEW, Calif.-InterWave Communications International Ltd. reported growing revenues and a rising net loss for its fourth quarter, news that sent its stock down almost 17 percent to about $2.33 per share.
The company reported total revenues of $8.5 million, up 29 percent from the prior quarter. The company’s net loss clocked in at $7.8 million, up from the $5.5 million in the prior quarter.
“The last two years have been particularly challenging for InterWave as the economy and the overall business climate has deteriorated, but we believe we have appropriately re-sized the company, modestly increased sales in the fourth quarter and significantly reduced our operating expenses and cash utilization,” said William Gibson, chairman of the executive committee of the company’s board of directors.
InterWave makes compact GSM networks for sale to carriers.
