Shares in telematics firm CalAmp (Nasdaq: CAMP) in Irvine fell 29% after its quarterly earnings missed analysts’ expectations.
The shares were trading at $5.08 apiece with a market cap of $183 million.
CalAmp has been the target of a board takeover bid, though an announcement earlier this week indicated that the tensions had been resolved.
On Thursday, CalAmp reported an adjusted loss per share of 10 cents in the first fiscal quarter ended May 31, which was more than analysts’ consensus estimate of a loss of 3 cents.
The company’s revenue of $64.7 million was also below Wall Street’s average estimate of $69.4 million.
