Stock Alert: Sequans Communications Down 8% Despite Improved Q1 Results

(RTTNews) - Shares of mobile chip/module manufacturer Sequans Communications S.A. (SQNS) are down 8 percent on Tuesday's trading despite the company reporting narrower loss and higher revenues for the first quarter.

The company reported a first-quarter loss of $11.4 million or $0.33 per ADS, compared to a loss of $15.3 million or $0.64 per ADS in the same period last year. On average, 5 analysts expected the company to post loss of $0.21 per ADS in the quarter.

Quarterly revenues came in at $12.3 million, up 40 percent from $8.7 million in the year-ago period, while analysts were looking for revenues of $13.8 million. The stock was trading at $5.81, down $0.52 or 8 percent on the NYSE.

SQNS has traded between $3.87 and $9.57 during the last 52-weeks.