The company, which was formed late last year by combining the assets of Sprint Nextel and Clearwire announced original fourth quarter earnings on Thursday. The company said that approximately 20.5 million dollars in revenue and lost $ 118 million.

Even though the company stated that it will continue its original plan to curtail its network, has acknowledged that the rate at which new cities will be added to the network may vary depending on the economy.

The current plan provides for the company to expand its network to several cities in 2009, including Chicago, Atlanta, Las Vegas, Seattle, Honolulu, and Charlotte, NC New York, Boston, Washington, Houston and San Francisco will be added next year.

Clearwire 4G network using wireless technology WiMax, which provides a speed much faster than current cellular technology 3G. Companies are already offering services in Baltimore and Portland, Ore. Clearwire also has several fixed wireless networks in other parts of the country.

The company raised more than $ 3 billion of the partners, Google, Intel, Comcast, and Time Warner Cable to create a new network. But many of these companies have been forced to write down the value of these investments, as Clearwire shares fell.

At the same time, Verizon Wireless has announced details of its implementation plan for its 4G wireless network that uses a competing technology known as LTE. Verizon plans to test its network this year and will begin actively rolling his service in 2010.

CEO Ben Wolff has expressed confidence that his company has enough to take on competition. “Obviously, the network does not happen overnight,” he said. “He added that the competitors do not have universal coverage either from the outset, and that it will take time for all players to expand their footprints.

With regard to the fact that Clearwire investors are forced to take write-off the fall at their investments, Chief Financial Officer David Sach said the fall of these records were taken only in connection with the rules of accounting. But he said they should not be viewed as a reflection of the company, the prospects for the future.