Sequans (SQNS) Lowers Q4 Outlook on Reduced, Cancelled Shipment
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Sequans Communications S.A. (NYSE: SQNS), has revised its expectations for the quarter ending December 31, 2011 as a result of its largest customer’s request to take delivery of approximately 40% of the chips previously scheduled for delivery in December and to cancel the remainder of the scheduled shipment. Sequans now expects revenue for the fourth quarter of 2011 to be approximately $11 million, with non-IFRS gross margin around 50%.
Based on this estimated revenue and gross margin, non-IFRS net loss per diluted share/ADS is expected to be between ($0.17) and ($0.18) for the fourth quarter of 2011, compared to the company’s previous guidance of a non-IFRS net loss per diluted share/ADS between ($0.05) and ($0.01) based on revenues of $20 to $23 million. Non-IFRS guidance excludes the impact of stock based compensation and non-recurring charges.
Based on this estimated revenue and gross margin, non-IFRS net loss per diluted share/ADS is expected to be between ($0.17) and ($0.18) for the fourth quarter of 2011, compared to the company’s previous guidance of a non-IFRS net loss per diluted share/ADS between ($0.05) and ($0.01) based on revenues of $20 to $23 million. Non-IFRS guidance excludes the impact of stock based compensation and non-recurring charges.
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