Airgain Inc (AIRG) said after close Thursday that it lost $0.06 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $13.7 million, missing estimates by $324 thousand.
In the same quarter a year ago, the company earned $0.06 per share on revenue of $19.2 million.
The stock is down 14.03% to $2.67 after the report.
Airgain Inc's profit margins took a hit as earnings fell at a faster pace than revenues.
The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Airgain Inc a Bearish Sentiment Rank from InvestorsObserver.
Airgain Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 16, putting Airgain Inc in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $2.96 on November 8, 2023 and set a 52-week high on February 7, 2023 at $8.5.
Airgain Inc is engaged in providing antenna technologies. These technologies can be used to enable performance wireless networking across devices and markets which include connected home, enterprise, automotive, and internet of things. It also provides solutions to complex radio frequency, engineering challenges, and improving wireless service that require higher throughput, broad coverage footprint, and carrier-grade quality. Geographically, it derives maximum revenue from North America and also has a presence in China and Rest of the World. The company products include Antenna Plus: Fleet, M2M, IoT Antennas, Carrier-Class Antenna, Embedded Antennas, and External Dipole Antennas.
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Airgain Inc Down 14.03% To $2.67 After Earnings Miss
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