China TechFaith Wireless lower, misses Q1 by a penny
Shares of China TechFaith Wireless Communication Technology Ltd. (Nasdaq:CNTF) are veering lower after the Chinese handset design and software provider reported after Monday’s close that it recorded its first-quarter bottom-line in the black compared with a net loss in the year-ago quarter, but still fell short of the mean earnings estimate on Wall Street by a penny.
The company also said gross margins for the quarter declined on account of a reduction in design revenue, as management reduced inventory levels.
Shares slid 13%, or $0.89, to $5.78 ahead of the opening bell. For detailed price information and recent news stories about China TechFaith Wireless, click CNTF.
