Shares of Inseego (NASDAQ:INSG), a provider of wireless broadband access equipment, fell today as investors were still processing the company's first-quarter financial results that were released Wednesday.
Ineego's stock finished the day down 10.2%.
Inseego reported first-quarter revenue of $56.8 million, an increase of 17.1% year over year. But investors may not have been happy with the company's adjusted net loss of $0.06, even though it was better than analysts' consensus estimate of a $0.09 loss per share.
Additionally, investors weren't thrilled with management's announcement today of a proposed public offering of convertible senior notes. The company said in a press release that it will offer $100 million in senior notes convertible in 2025 and that it will use some of the proceeds to repay and terminate an existing credit agreement.
Despite today's share price drop, management reiterated the company's second-quarter outlook. It expects revenue in the range of $75 million to $85 million and said that it sees "evidence that remote work, online learning, and telehealth trends will continue to drive significantly higher levels of demand in the future."
Inseego's stock has been on some wild swings over the past couple of weeks, and today's move reflected the back-and-forth sentiment for the stock. Investors may want to remember this volatility if they consider snatching up shares after this drop.