NEW YORK-Shares of Wavecom S.A. fell more than 53 percent in Friday trading after the company announced its largest customer, China’s TCL Mobile, cancelled orders, affecting Wavecom’s fourth quarter revenue.
Wavecom now anticipates fourth quarter revenues to be between $133 million and $141 million, down from $172 million recorded in the third quarter.
The stock traded as low as $13.50 Friday, hitting a new 52-week low, far surpassing the $23.65 low set March 26.
