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What: Shares of NII Holdings (NASDAQOTH:NIHDQ) have fallen flat today, down by 16% at the low, after the company reported earnings and its net loss widened.

So what: Revenue for the second quarter came in at $1.26 billion, a little light compared to the $1.38 billion consensus estimate. The bottom line was a significant miss, though, with a net loss of $2.30 per share well below the $1.03 per share loss that investors were expecting.

Now what: CEO Steve Shindler said that NII Holdings continues to face "significant challenges," including Sprint's shuttering of its legacy iDEN network. The company's business in Mexico is also suffering, which should hurt results in the second half of the year. NII Holdings remains heavily leveraged, and CFO Juan Figuereo said the company raised another $1.6 billion from the bond market this year.

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