Sequans Communications (NYSE: SQNS) reported Q3 EPS of ($0.28), $0.06 worse than the analyst estimate of ($0.22). Revenue for the quarter came in at $14.1 million versus the consensus estimate of $13.59 million.

“Revenue in Q3 grew 15.5%, well above our target," said Georges Karam, CEO of Sequans. "During the quarter, supply chain issues eased, enabling us to serve the high level of demand related to remote learning in our Broadband IoT business, and our Massive IoT business performed in line with expectations. We expect sequential growth again in the fourth quarter, driven by the ramp of our Massive IoT business, as well continued strong performance of our Broadband IoT business. As a result, we are targeting over 60% growth for 2020 as a whole, an improvement from our original target of 50% year-over-year growth.

“An important recent development is adding a new microcontroller (MCU) partner to reinforce our go-to-market strategy and expand our reach to all corners of the Massive IoT market. Momentum continues to build in our Massive IoT business, and we are very excited about the customer acceptance of Monarch 2, our second-generation LTE-M/NB-IoT platform as demonstrated by new design wins in Q3. Also, we have added a new module partner for CBRS, an area expected to make an important contribution to our Broadband IoT business as this new market begins to ramp. Finally, we are making excellent progress with our 5G solutions and related strategic business engagements."

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