Sequans Communications (NYSE: SQNS) reported Q1 EPS of ($0.08), in-line with the analyst estimate of ($0.08). Revenue for the quarter came in at $7 million versus the consensus estimate of $8.17 million.

“We are pleased to see the broadband business improving, the Cat 1 business growing nicely, and momentum continuing to build in the Cat M/NB business as expected during the first quarter,” said Georges Karam, Sequans CEO. “We have already begun to receive orders related to Cat M/NB devices that are scheduled to go into mass production around mid-year, and we expect growth in this business to accelerate in the second half of the year. Even though we are still at the beginning of the market ramp for 4G LTE for IoT, we are fully engaged in 5G, having already conducted five years of research activity. With near-term growth driven by helping customers get the most from 4G technology, enabling them to make a seamless transition to 5G can continue our growth well into the next decade.”

Q2 2019 Outlook

The following statements are based on management’s current assumptions and expectations. These statements are forward-looking and actual results may differ materially. Sequans undertakes no obligation to update these statements.

Sequans expects revenue for the second quarter of 2019 to continue the trend seen in Q1 and be better than the first quarter - with continued sequential improvement through the balance of the year, driven by increasing LTE-M revenue as more Sequans-powered devices go into mass production.

For earnings history and earnings-related data on Sequans Communications (SQNS) click here.