NextWave Stops Go

9/28/08Follow @wroush

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 a contributing editor at Xconomy. Follow @wroush

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