Sonim Technologies Inc Down 8.48% To $0.62 After Earnings Miss

Thursday, March 28, 2024 - Sonim Technologies Inc (SONM) reported downside earnings and revenues today.

Analyst expectations for Sonim Technologies Inc earnings per share (EPS) were at $0.01, with the company missing those estimates with a reported EPS loss of $0.03 per share, leading to a negative surprise of $0.04 per share (-400%). Sonim Technologies Inc's earnings were down 200% year-over-year as the firm reported an EPS of $0.03 in its year-ago quarter. The negative annual growth shows the Technology company isn't performing well amid current economic conditions.

Consensus estimates for Sonim Technologies Inc revenue averaged out to $27.6 million, with the business missing on those expectations with reported fourth-quarter revenue of $13.4 million. The $14.1 million (51%) negative revenue surprise led to negative 44% growth year-over-year as the firm reported revenue of $24.1 million in its year-ago quarter. The lower earnings growth compared to revenue points to Sonim Technologies Inc not being able to improve its profit margin.

The stock is down 8.48% to $0.62 after the report.

Sonim Technologies Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

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

Prior to the report, InvestorsObserver gave the stock an overall score of 28.

Sonim Technologies Inc is a provider of ultra-rugged mobile devices, including phones and accessories designed specifically for task workers physically engaged in their work environments, often in mission-critical roles. The company sells its mobile phones and accessories in the United States to AT&T, T-Mobile, Verizon and in Canada to Bell, Rogers and Telus Mobility. Its solutions include ultra-rugged mobile phones that are capable of attaching to both public and private wireless networks, industrial-grade accessories that meet the requirements of specific applications and software applications and cloud-based tools that provide management and deployment services to its customers. The company generates revenue from discounts, price protection and customer incentives.