SAN DIEGO (AP) — Novatel Wireless Inc., a maker of modems and wireless networking gear, reported a smaller second-quarter loss on Thursday, helped by sharply higher revenue and a lower income tax rate.
The company posted a net loss of $3.9 million, or 12 cents per share, compared with a loss of $22 million, or 70 cents per share, in the same period a year earlier.
Excluding special items, such as acquisition-related charges, the company recorded a loss of 3 cents per share in the latest quarter.
Revenue rose 64 percent to $118 million from $71.8 million.
Analysts, on average, were expecting a loss of 6 cents per share on revenue of $116.4 million, according to FactSet.
Novatel’s income tax expenses totaled $275,000 for the quarter, compared with $14.8 million a year ago.
The company said demand was strong for its MiFi personal Wi-Fi hotspot device and for its Expedite wireless card.
For current quarter, the company expects adjusted per-share results between a loss of 10 cents and breakeven. Analysts are forecasting earnings of 5 cents per share.
It expects revenue of $105 million to $120 million, below the $122.2 million that analysts are expecting.
Shares were unchanged in after-hours trading. The stock had closed down 36 cents, or 7.2 percent, at $4.65 amid a broader market downturn.