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.
Novatel delivers disappointing outlook
ABOUT AUTHOR
Jump to Article
What infra upgrades are needed to handle AI energy spikes?
AI infra brief: Power struggles behind AI growth
The IEA report predicts that AI processing in the U.S. will need more electricity than all heavy industries combined, such as steel, cement and chemicals
Energy demand for AI data centers in the U.S. is expected to grow about 50 gigawatt each year for the coming years, according to Aman Khan, CEO of International Business Consultants
AI infra brief: Power struggles behind AI growth
The IEA report predicts that AI processing in the U.S. will need more electricity than all heavy industries combined, such as steel, cement and chemicals
Energy demand for AI data centers in the U.S. is expected to grow about 50 gigawatt each year for the coming years, according to Aman Khan, CEO of International Business Consultants