Novatel Wireless swoons on lowered Q1 guidance
Shares of Novatel Wireless, Inc. (Nasdaq:NVTL) are getting pummeled in pre-market trading after the provider of wireless broadband access products lowered revenue guidance and reduced earnings to below the consensus on Wall Street after Monday’s close.
The company attributed the shortfall to a delayed launch of its MC930D with a major European carrier customer and lower-than-expected sales of its enterprise-class MC727 USB products to a major customer.
Shares crumbled 18.6%, or $1.86, to $8.15 in pre-market trading. For detailed price information and recent news stories about Novatel Wireless, click NVTL.
