NextWave Wireless Inc., which has been on an acquisition bent this year as it aims to be a force in the wireless broadband industry, announced a 98% increase in revenues from the year-ago period in financial results for the first quarter.
The company raked in $7.7 million during the quarter, up from the $3.9 million it pulled in a year prior. NextWave said much of its success was derived from its PacketVideo subsidiary, which supplies video-playing software to wireless carriers and handset manufacturers.
Despite the market penetration of PacketVideo’s services, NextWave recorded a $41.1 million loss for the quarter, nearly double the amount it lost in the year-ago quarter.
The company blamed its loss on an increase in operating expenses related to the expansion of its research and development teams, acquisitions and other growth.
Indeed, the company recently completed multimillion-dollar acquisitions of IPWireless Inc., SDC Secure Digital Container AG and Go Networks Inc. during the quarter.
NextWave sees widening losses on R&D, acquisitions
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