Wavecom slips on Q1 net loss, revenues decline 21%
Shares of Wavecom S.A. (Nasdaq:WVCM) veering lower in pre-market trading after the provider of smart-device communications technology reported early Wednesday that it swung to a net loss in the first quarter and that revenues declined 21%. The Paris-based small cap attributed the lackluster results to sales have slowed in all of the firm’s regions, as some customers are taking a conservative position on placing orders and have pushed out new product development plans due to the uncertain worldwide economic situation.
Shares skidded 17%, or $2.05, to $9.85 in pre-market trading. For detailed price information and recent news stories about Wavecom, click WVCM.
