Inseego Corp. (INSG) Tops Q1 EPS by 2c, Revenues Beat
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Inseego Corp. (NASDAQ: INSG) reported Q1 EPS of ($0.06), $0.02 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $56.84 million versus the consensus estimate of $52.72 million.
- Q1 revenue growth of 17.1% year-over-year; improving gross margins
- Achieved positive operating cash flow in the quarter
- Reiterating Q2 revenue outlook of approximately $75-to-$85 million
- Shipping mobile products in our 4G and 5G portfolio to all the major operators in the U.S., all major operators in Canada as well as international operators in EMEA and APAC
- Five 5G mobile broadband and three fixed wireless access launches planned with six operators in the second half of 2020, illustrating breadth and customer acceptance of our 5G product portfolio
“These are very strong results for Inseego with an unprecedented surge in demand for our 4G and 5G MiFi mobile hotspots occurring in the closing weeks of the quarter due to COVID-19. We are reiterating our Q2 revenue outlook of $75-to-$85 million and seeing growing evidence that remote work, online learning and telehealth trends will continue to drive significantly higher levels of demand in the future,” said Inseego Chairman and CEO Dan Mondor. “The dramatic increase in bandwidth consumption makes 5G network build-out more important than ever. We plan to begin shipping our second-generation 5G mobile and fixed wireless access solutions in the second half of 2020 to operators across North America, Europe, and Asia-Pacific.”
For earnings history and earnings-related data on Inseego Corp. (INSG) click here.
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