Novatel Wireless Inc. yesterday reported a dip in revenue and less than half the profits it earned in the year-ago quarter. The company gave a dim forecast for the current quarter.
Stock in the San Diego-based maker of 3G PC cards and embedded modems sank more than 6% today.
The company said revenue for the first quarter reached $91.3 million, down from $109.8 million in the year-ago quarter, and net income was $4.4 million, less than half the $10.1 million in the year-ago quarter.
CEO Peter Leparulo called the quarter “challenging” and said the company remained “intensely focused on accelerating development of our next-generation products.”
Leparulo forecast revenue for the current quarter in the range of $85 million to $90 million, likely the factor driving Wall Street’s disappointment.