PCTEL reports 17% decline in revenue

BLOOMINGDALE - PCTEL Inc. reported results for its fiscal year second quarter ended June 30, including a 17% reduction in revenue.

Revenues in the quarter were $20.6 million, down from $25.0 million in the prior year period.

PCTEL is a global provider of antennas and wireless technology solutions.

Second quarter 2023 antennas and industrial internet device revenue was $14.4 million, a decrease of 18.2% year-over-year, primarily due to customers' supply chain challenges, which continued to delay previously planned projects, the company said.

"We continue to execute our three strategies for growth and are encouraged to see improvements in overall customer demand in the second quarter," said CEO David Neumann. "We are addressing industry headwinds that include excessive inventory at some (original equipment manufacturers) and customer supply chain constraints that impact the short-term need for some of our antenna products."

Neumann said PCTEL expects market conditions will improve through the second half of the year as its customers work to decrease their higher than normal inventories and supply chains continue to improve.