NII Profit Up, Shares Down
NII Holdings of Reston said today that third-quarter profit grew 12.5 percent, to $91.8 million (54 cents) from $81.6 million (46 cents) in the comparable quarter a year earlier. Revenue grew 38. 4 percent, to $1.18 billion.
The company, which provides mobile phone access in Latin America, said ended the quarter with more than 5.8 million subscribers, a third higher than the same time last year, after net subscriber additions of 394,500 in the quarter.
NII Holdings chief executive Steve Dussek said in a statement that unless currency exchange rates change significantly, the company is on track to meet 2008 guidance.
But worries about exchange rates helped drive the company's stock down. Shares had already lost more of a quarter of their value this week before today's open. Though they rose originally based on the earnings report, as of 2:30 p.m. they are trading down about 20 percent, around $15. They hit their 52-week low of $14.61 today.
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