Novatel Wireless, supplier of the MiFi hot spot device, reported a net income of $6.2 million in the third quarter compared with a loss of $1 million in the year-ago quarter.

But it was a statement about its expectations for fourth-quarter sales to be similar to third quarter levels that sent its shares tumbling more than 25 percent in early trading this morning. Analyst expectations called for higher sales projections.

“We continue to receive new orders for MiFi and are encouraged by new rollouts,” said Peter Leparulo, chairman and CEO, in a statement. “In addition, we continue to extend the MiFi platform with new features and functionality … We are actively driving the development of a software and application community that utilizes the power of MiFi.”

The company has introduced multiple new USB and express card products over the past six months, including a HSPA+ family of products and the Merlin CC760 mobile broadband card, he said.