Airgain: Q1 Earnings Snapshot
SAN DIEGO (AP) _ Airgain Inc. (AIRG) on Tuesday reported a first-quarter loss of $2.5 million, after reporting a profit in the same period a year earlier.
The San Diego-based company said it had a loss of 25 cents per share. Losses, adjusted for stock option expense and amortization costs, came to 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
The antenna products developer posted revenue of $17.5 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $17.3 million.
For the current quarter ending in July, Airgain expects its per-share earnings to be 1 cent.
The company said it expects revenue in the range of $18.5 million to $20 million for the fiscal second quarter.
Airgain shares have fallen 13% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $9.20, a drop of 50% in the last 12 months.