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NII Holdings says not going to achieve year financial goals

The company said, "We are taking significant steps to position the Company for future subscriber and revenue growth, realign our cost structure and improve our financial performance; however, given the results that we have reported year-to-date, we are not going to achieve the financial goals that we laid out at the beginning of the year." The company said it will not achieve its financial guidance for the year given the weak year-to-date operational and financial results, the continued depreciation of local currency exchange rates and the expected impact of Project Accelerate on its results for Q4. The company has not updated its guidance at this time, but expects to miss its consolidated adjusted OIBDA guidance for the year by $200M or more, while remaining in line with its prior consolidated capex guidance.