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Monday, Sep 9
Novatel to restructure Mobile and M2M operations
- Novatel Wireless (NVTL +2%) will restructure its Mobile Computing and Machine-to-Machine operations. The company expects to realize pre-tax savings of $10M-$11M annually beginning in FQ4.
- Cost savings will be achieved through consolidation of a development site and certain manufacturing and other activities. Headcount is expected to fall by 75-80 employees.
- NVTL has fallen 46.2% from the 52-week highs it reached in July but remains up 127.8% YTD.
- Previous: Novatel Wireless misses by $0.09, misses on revenues