Novatel Wireless (NVTL) surged late Monday after posting strong second-quarter numbers.
For its second quarter ended June 30, the San Diego-based provider of wireless broadband access solutions posted earnings of $3.2 million, or 11 cents a share. That reverses the year-ago loss of $9.7 million, or $1.35 a share.
Revenue more than tripled from year-ago levels to $24.1 million. The earnings and revenue figures handily beat Wall Street expectations, which called for earnings of 6 cents a share on revenue of $20 million.
"Our record results in the second quarter demonstrate the rapid growth of our market, our clear leadership position and profitably expanding market share, our growing partnerships with many leading carriers and the strong operating leverage in our business model," said CEO Peter Leparulo.
The company forecast revenue of $100 million for 2004, which is well above the $88 million Wall Street consensus.
The news comes just a week after Novatel shares surged on news of a deal to supply an
After falling $1.53 to $18.76 during regular trading Monday, Novatel shares rose $1.24 to $20 in postclose action.