The share price of Inseego (INSG -4.80%), a provider of wireless broadband access equipment, plummeted today after the company reported worse-than-expected results for both its top and bottom lines.
The tech stock was down by a staggering 24% as of 3:10 p.m. ET.
Inseego's non-GAAP (adjusted) loss per share of $0.11 in the quarter was slightly worse than analysts' consensus estimate of a loss of $0.10 per share. Investors were also likely very unhappy to see that the company's net loss of $25.2 million for the first quarter had widened from a loss of $16.9 million in the year-ago quarter.
Additionally, investors likely weren't thrilled that the company also missed Wall Street's estimate for revenue. Inseego's first-quarter sales increased by just 6.5% to $61.4 million, which was below analysts' average sales estimate of $62.6 million.
Inseego's chief financial officer, Bob Barbieri, said in a press release that the company "achieved solid financial results" in the first quarter and that Inseego's "gross margin improved from the previous quarter reflecting a higher mix of 5G products and continued execution in managing our supply chain."
But considering the company's massive share price plunge today, investors were clearly unimpressed with Inseego's latest financial results.
While many technology stocks have suffered over the past year, Inseego's share price has been particularly dismal, falling 72% over the past 12 months.
The company's latest quarterly financial results certainly didn't instill much confidence that Inseego is on the right track, which means that investors may want to be cautious with this stock right now.