Inseego Corp Up 20.74% To $0.89 After Earnings Beat

Inseego Corp (INSG) said after close Wednesday that it lost $0.02 per share in quarter two 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 $53.6 million, beating estimates by $1.8 million.

In the same quarter a year ago, the company lost $0.09 per share on revenue of $61.9 million.

The stock is up 20.74% to $0.89 after the report.

Inseego Corp's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Inseego Corp has performed a little below average during the past few months. Before the report, Inseego Corp received a Long-Term Technical Rank by InvestorsObserver of 39, putting it in the bottom half of stocks. The firm set a 52-week low on April 6, 2023 at $0.47 and set a 52-week high on August 15, 2022 at $3.22.

Inseego Corp is an industry pioneer in 5G and intelligent IoT device-to-cloud solutions. The company serves service providers, distributors, consumers, and the enterprise. Its 4G LTE Advanced and 5G NR hardware products are powered by MiFi technology and include mobile hotspots, industrial gateways and routers, home and enterprise routers, industrial USB modems, and telematics and mobile tracking hardware devices supported by applications software and cloud services. Its SaaS platforms include Ctrack, an asset tracking and management solution that delivers business intelligence for fleets used in various verticals including aviation, construction, government, and transport; and Device Management Solutions, a hosted subscription management platform.