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Shares of ORBCOMM (NASDAQ: ORBC) have plunged today, down by 19% as of 12:20 p.m. EDT, after the company reported third-quarter earnings results. The maker of industrial Internet of Things technology missed on both the top and bottom lines.
Total revenue in the third quarter declined to $69.2 million, shy of the consensus estimate of $71.4 million. That translated into a net loss of $4 million, or $0.05 per share, $0.01 worse than the $0.04 per share in adjusted losses that the market was expecting. Adjusted EBITDA was $16.9 million in the third quarter.