Irvine-based telematics company CalAmp (Nasdaq: CAMP) reported a drop in quarterly revenue and a wider net loss. The company’s shares dipped 7.5% in after-hours trading.
Revenue for the third quarter of the fiscal year 2024, ended Nov. 30, was $53.6 million, a 32% decline year on year and lower than analysts’ estimates of $56.2 million.
The quarterly net loss from continuing operations was $85 million versus a $4.7 million loss in the same period of the prior year.
Interim CEO Jason Cohenour said that during the quarter the company “implemented initiatives to narrow our strategic focus and to reduce cash expenses by approximately $16 million on an annualized basis.”
CalAmp said it expects revenue for the current quarter “to be down slightly on a sequential basis.”
The shares were trading for 25 cents apiece after hours, while the intraday market cap was $10.3 million.
CalAmp said yesterday it named tech veteran Chris Adams as president and CEO, effective Jan. 22, succeeding Jeff Gardner, who died in August.
For further details, see the Jan. 22 print edition.
