Wednesday, January 7, 2009

Intel Writes Off Clearwire Investments

Intel Corporation announced its preliminary fourth-quarter financial information Wednesday, saying as part of the announcement that it has written off $950M as a result of the firm's investment in Clearwire Corporation. The loss, which came as part of an overall investment loss of between $1.2 billion and $1.2 billion, came as a result of the year-end market price of Clearwire's stock. Intel had originally forecast a loss of approximately $50M due to its equity investments. Intel was an investor in Clearwire's $3.2 billion May funding round, alongside Comcast, Google, and others.