Powerwave Loss Worse Than Expected
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Mobile telephone equipment maker Powerwave Technologies Inc., citing a slowdown in the wireless industry, on Thursday posted a third-quarter loss that exceeded Wall Street’s expectations.
The Santa Ana company said it lost $5 million, or 8 cents a share, for the recent three-month period, compared with earnings of $11.6 million, or 18 cents a share, a year ago.
Wall Street analysts expected a loss of 6 cents a share, according to a survey by Thomson Financial/First Call.
Sales slumped 43% to $64.7 million.
The results were announced after the close of regular trading. The stock rose 31 cents to $10.50 on Nasdaq.
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