Clearwire subscriber growth flat at 11 million, but stock rises as outlook improves for 2012

Clearwire’s revenues fell to $316.9 million during the second quarter in part because of a slowdown in wholesale revenues. And the Bellevue wireless broadband provider’s subscriber count was essentially flat at 11 million when compared to the first quarter.

But Clearwire, whose stock gained 12 percent in earlier trading Thursday to $1.01, boosted its revenue projections as it looks ahead. The company said it now expects revenue in the range of $1.2 billion to $1.3 billion, a $50 million increase from its previous guidance. While still losing tens of millions of dollars each quarter, it is also expects to trim its losses more than originally expected.

But it may not be the company’s customer base at the end of the day that is its saving grace, as much as the wireless spectrum it holds.

“We believe Clearwire’s unmatched spectrum portfolio and LTE roadmap are keys to unlocking the value of our deep capacity resources and uniquely position us to meet the short and long term needs of consumers and wholesale carrier partners,” said said Clearwire CEO Erik Prusch in a statement.

Clearwire has a long way to go before boasting of a full recovery. Its stock is still down more than 64 percent in the past year. Earlier today, we reported that Clearwire named ex-U.S. Senator Slade Gorton to the board.

Here’s a look at a portion of Clearwire’s earnings statement from the past quarter. (Click on image for full report).