RTTNews | Nov 2, 2021 11:31AM EDT

11:30 Tuesday, November 2, 2021 (RTTNews.com) - French semiconductor company, Sequans Communications S.A. (SQNS), is trading 15% higher in the Tuesday market after the company reported that the earnings managed to top the Street estimates in the third quarter despite a drop in revenue.

Net income posted by Sequans was $0.02 million or $0.01 earnings per share, compared to a loss of $1.3 million or $0.04 loss per share in the same period last year. On an adjusted basis the loss was $5.30 million or $0.14 loss per share, compared to $8.38 million or $0.28 loss per share last term. On average five analysts polled by Thomson Reuters expected the loss to be $0.19 per share for the quarter.

The revenue reported by the company was $11.89 million, down from $14.12 million. Analyst forecast for revenue was $12.33 million.

The company is targeting 15% growth in revenue for the next quarter.

The stock is trading at $5.35, up $0.70 or 15.05% from the previous close at $4.65. The stock opened at $4.87 in the morning and in the 52-week period, the shares have ranged between $3.87 and $9.57 per share.

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