Shares of Inseego (NASDAQ:INSG) were gaining today after the maker of mobile hotspots for 5G and other networking devices reported another new contract for the third business day in a row.
As a result, the stock was up 15.2% as of 11:18 a.m. EST.
This morning Inseego said Vodafone Qatar has become the first company in the region to launch Inseego's 5G Mi-Fi 2000 mobile hotspot. The device is now available in all Vodafone Qatar stores and online, pairing with Vodafone's Giganet 5G network.
Inseego senior vice president Simon Rayne said, "With the introduction of our second-generation 5G solutions portfolio, Inseego has once again brought a quantum leap in real-world user experience to life through innovation in mobile device technology that brings out the best of the network." The announcement also represents a tie-up with a telecom, Vodafone, with 650 million mobile customers across Europe and other parts of the world.
The news builds on two announcements last week. First, Inseego said it had launched the new mobile hotspot in Japan and is also opening up a local office in Tokyo. Additionally, the mobile networking company said that T-Mobile had selected cloud-management software Inseego Connect for its first 5G hotspot for T-Mobile's enterprise customers.
With the drumbeat of new 5G hotspot rollouts, Inseego stock is now up 40% over the last three sessions. The stock has long been seen as a way for investors to get exposure to the 5G revolution, and Inseego has also benefited from the work-from-home transition, driving sales of its hotspots and networking devices. In its last two quarters, revenue growth has jumped to multi-year highs as the company benefited from strong demand for its devices and momentum in 5G, a bullish sign for the future.