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IPass -29% as business declines in Q2

Published 08/08/2018, 06:22 PM
© Reuters.  IPass -29% as business declines in Q2
IPAS
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  • Nanocap Wi-Fi firm iPass (NASDAQ:IPAS) has tumbled 29% on heavy postmarket volume after missing on top and bottom lines in its Q2 earnings.
  • Revenue fell 22% while operating expenses remained flat.
  • Operating metrics fell sharply as well: Network hours consumed fell to 522,000 from a year-ago 848,000, and Wi-Fi network users dropped to 135,000 from 173,000.
  • Gross margin increased to 26.7% from 17.5%.
  • EBITDA loss narrowed slightly, to $3.7M from a year-ago loss of $4.4M.
  • Revenue breakout: Enterprise unlimited customers, $2.6M (up 18.2%); Enterprise other pricing plan customers, $5.7M (down 36.7%); Strategic partnerships, $2.2M (down 4.3%).
  • Press release
  • Now read: QuickLogic reports in-line Q2, New Product growth


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