Clearwire shares plunge 24 percent

Clearwire (CLWR) shares took a beating today, plummeting 24 percent after Sprint announced that it will stop selling mobile phones that work on Clearwire’s WiMAX network. Instead, the company will move its customers to its own LTE network. Sprint has been Clearwire’s largest customer; it also has a significant equity stake in Clearwire. Only last April 2011, Clearwire obtained a $1 billion commitment from Sprint.

Recommended reading on the end of WiMAX:

US WiMAX operator going out of business