Shares of Novatel Wireless Inc., a San Diego maker of wireless modems, were down 21 percent, or more than $2, April 15 after the company said its first-quarter revenue would fall short of guidance it provided several months ago.
In midday trading, shares of Novatel were at $7.83, off by $2.18 from the $10.01 opening price April 15. Novatel’s Nasdaq symbol is NVTL.
Novatel said April 14 that its first-quarter revenue would be about $91 million, down from the earlier guidance of about $110 million. The company attributed about $10 million of the shortfall to a delayed launch from a British wireless carrier.
Novatel said Chairman Peter Leparulo will take over as chief executive officer, resuming a job he held from January 2003 to November 2006. The company has a president but not a chief executive.
The company said it would release first-quarter results May 1.
, Mike Allen