TeleCommunication Systems (TSYS), a provider of wireless communications hardware, is trading sharply lower this morning on disappointing Q1 results.
For the quarter, TSYS reported revenue of $90.9 million and profits of 8 cents a share; the Street had expected $99.1 million and 7 cents. The company noted that government system shipments “were affected by the timing of government project funding during the quarter.”
Wedbush analyst Scott Sutherland this morning downgraded the stock to Neutral from Outperform, cutting his price target to $8, from $11.50.
TSYS is down 74 cents, or 9.6%, to $6.99.
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