Short Take: Iridium reports fourth quarter loss

Iridium, which is starting the world's first satellite-based global telephone network, said its fourth-quarter loss more than tripled because of a startup delay and a shortage of its telephones and pagers. Iridium's loss widened to $440.1 million, or $3.12 a share, from $125.6 million, or 90 cents, in the 1997 quarter. The loss was still narrower than an expected $3.46 a share, the average estimate of analysts surveyed by First Call. Iridium said it had 3,000 subscribers by the end of last year, less than some analysts' estimates. Still, Iridium expects to have between 500,000 and 600,000 subscribers by the end of this year.

The story "Short Take: Iridium reports fourth quarter loss" published January 26, 1999 at 9:45 AM is no longer available on CNET News.