Sonim Technologies falls on weak 2019 forecast

DNA X

10/09/2019 17:51

** Shares of rugged phone maker  SONM.O  down ~39% at $4.3
in noon trade
    ** Sees 2019 net revenue to be flat or slightly below 2018
net revenue of $135.7 mln
    ** Sees 2019 net loss of up to $15 mln, vs. a profit of $1.3
mln in 2018
    ** Adjusted EBITDA for 2019 is expected to be a loss of up
to $5 mln 
    ** Weak forecast due to changes in U.S. wireless carriers'
forecasts for the launch of Sonim's new products
    ** Expected carriers to subsidize its new phones
post-launch, to put them in retail locations, and market to
push-to-talk customers. In each of these cases, there have been
delays - Sonim
    ** Including session moves, stock down 36% this year since
its 

 (Reporting by Bharath Manjesh in Bengaluru)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 8400;))