Novatel Cuts Q3 Loss 84%, as Restructuring Is ImplementedThursday, November 7, 2013
Novatel Wireless Inc., which is two months into a restructuring push, cut its loss by 84 percent during the third quarter.
The San Diego maker of wireless communications electronics reported a net loss of $5.1 million on net revenues of $92.7 million during its third quarter, which ended Sept. 30. That compares with a net loss of $31.9 million on net revenues of $71.0 million in the third quarter of 2012.
For the nine months, Novatel (Nasdaq: NVTL) reported a net loss of $22.1 million on net revenues of $269.7 million. In the same period one year ago, the business reported a net loss of $74.4 million on net revenues of $273.6 million.
Novatel said in September that it would cut 17 percent of its staff as part of a restructuring effort.
The company makes electronics for wireless phones and tablets, in addition to machine-to-machine communications and telematics applications.
— SDBJ Staff Report