Inseego Prepares for Third-Quarter 2024 Earnings Report

Inseego (INSG) is scheduled to release its financial results for the third quarter of 2024 on November 12.

Revenue Expectations and Earnings Estimates

For this quarter, INSG anticipates revenues in the range of $54 million to $58 million. The Zacks Consensus Estimate currently stands at $56.30 million, indicating a 15.89% increase compared to the same quarter last year.

Meanwhile, the consensus estimate for earnings remains unchanged at 9 cents per share over the last month, a significant improvement from a loss of $1.60 per share reported in the prior year’s quarter.

Understanding Inseego’s Earnings Surprise History

Inseego has displayed a mixed performance regarding earnings surprises. Of the last four quarters, two saw earnings surpass the Zacks Consensus Estimate, while two fell short. The average negative surprise was 181.39%.

Factors Influencing Q3 Earnings

Inseego’s third-quarter performance is expected to benefit from robust sales in the carrier mobile hotspot sector, which recorded a 37% increase year-over-year in the prior quarter. The company is gaining strong momentum in its mobile broadband segment, bolstered by notable growth and support from major carrier promotions.

Additionally, INSG’s subscription-based SaaS solutions for telematics and subscriber management are playing a crucial role in driving revenue growth through contract renewals.

Current Outlook According to Zacks Model

The Zacks model suggests that having a positive Earnings ESP combined with a favorable Zacks Rank increases the likelihood of an earnings surprise. However, this is not applicable to Inseego as it currently holds an Earnings ESP of 0.00% and a Zacks Rank of #3 (Hold).

Stocks With Potential to Beat Earnings Estimates

Several companies exhibit a favorable combination of factors that suggest they might exceed earnings expectations in their upcoming reports:

Shopify (SHOP) reports an Earnings ESP of +7.63% and holds a Zacks Rank #1 (Strong Buy). The company’s shares have risen by 11.8% year-to-date, with earnings results also due on November 12.

NVIDIA (NVDA) currently has an Earnings ESP of +2.30% and a Zacks Rank #2 (Buy). Its stock has seen a remarkable increase of 198.1% this year, with earnings set to be announced on November 20.

Bilibili (BILI) shows an Earnings ESP of +10.00% and a Zacks Rank #2. Shares have climbed 85.7% year-to-date, with results expected on November 14.

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The views and opinions expressed herein are those of the author and do not reflect the views of Nasdaq, Inc.