Inteliquent Inc (NASDAQ:IQNT) shares were lower 10% in recent trade after reporting Q2 net income dropped sharply, and it warned that mandated price reductions will restrain growth in the remainder of the year. IQNT is trading in the upper half of the 52-week range between $5.73 and $15.93.
The provider of voice, data, and hosted services said earnings fell to $9.4 million, or $0.28 per diluted share, from $33.4 million, or $1.02 the year earlier. No analyst estimate was available for comparison. The decline was largely attributable to a year-earlier $23.2 million gain on the sale of Americas data assets. Sales in the quarter meanwhile edged higher to $54.9 million from $53.4 million, compared to the $55.2 million consensus.
“As we look forward to the remainder of the year, we will continue to focus on managing our costs and bringing new minutes onto our network, as we face certain headwinds related to mandated pricing reductions from intercarrier compensation reform and previously agreed upon rate decreases with several customers,” CEO Ed Evans said in a statement.
It reaffirmed its guidance given on May 1 for $201 million to $220 million sales and $68 million to $72 million of adjusted EBITDA . Analysts are expecting $220 million in FY sales.
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