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Why Sequans Communications Shares Plunged Today

TheMotleyFool

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Why Sequans Communications Shares Plunged Today

Shares of Sequans Communications (NYSE: SQNS) have plunged today, down by 14% as of 12:15 p.m. EDT, after the company reported second-quarter earnings.

Revenue in the second quarter came in at $13.2 million, and was negatively affected by a product return from an early 2016 sale related to the tablet business that hit the top line by $740,000. Gross margin also took a hit, falling to 42.1%, in part due to the product mix shifting more toward module sales.

Image source: Sequans Communications.

Source: Fool.com