Why Sequans Communications Shares Got Destroyed Today

Shares of Sequans Communications (NYSE: SQNS) have gotten crushed today, down by 35% as of 11:20 a.m. EDT, after the company revised its guidance for the third quarter that just closed. Sequans is now expecting significantly less in top-line revenue.

Revenue in the third quarter is now expected within a narrow range of $11 million to $11.2 million, down from a prior forecast of $15 million to $17 million in sales. Gross margin should be over 43%, an improvement from the previous guidance of over 40%.

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Source: Fool.com