NextWave Stops Go
Wade Roush9/28/08
NextWave Wireless (NASDAQ: WAVE), a San Diego company that makes embedded multimedia software for mobile devices, said this week that it’s shutting down Israeli Wi-Fi equipment subsidiary Go Networks as part of a global cost-cutting effort. Earlier in the month, NextWave arranged $100 million in new debt financing and announced a series of cash-conservation moves, including 67 layoffs among its San Diego-based workforce. NextWave’s business has been impacted by delays in adoption of next-generation telecom equipment made by its subsdiaries, according to the San Diego Business Journal.
Wade Roush is Xconomy's chief correspondent and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.
