By Sam Boughedda
Investing.com — CalAmp Corp (NASDAQ:CAMP), the technology company, announced a loss per share of 8 cents on revenue of $69 million. Analysts polled by Investing.com anticipated EPS of 8 cents on revenue of $79.18 million. Revenue declined 12% from the same period last year.
Following the report, CalAmp shares have fallen 9% to $9.02.
CalAmp's President and CEO Jeff Gardner said the company was still being weighed down by supply chain issues.
"As indicated in the business update announcement last month, the ongoing global component shortages have been more pronounced than expected, causing a significant reduction in our shipments during the quarter," said Gardner,
"We are working closely with our suppliers to source the needed parts, qualify additional components and even redesign certain devices when possible. Despite this challenging situation, we are encouraged with the strong customer demand as evidenced by the consistent high level of customer backlog over the past few quarters as we continue our transformation to a SaaS enterprise."
CalAmp did not provide any guidance as visibility into product shipments remains uncertain due to the global component supply shortages and the Chinese New Year's timing in February.