Smith Micro 1Q net income rises nearly 6-fold
Smith Micro Software Inc., a maker of software for mobile devices, on Wednesday reported a nearly six-fold increase in first-quarter net income as its revenue rose on strong demand for its products.
The company earned $1.6 million, or 5 cents per share, compared with $278,000, or a penny per share, in the same quarter a year earlier.
Excluding one-time items, Smith Micro earned $6.2 million, or 18 cents per share. That's up from $4 million, or 13 cents per share, last year.
Its revenue rose 25 percent to $29.9 million from $23.8 million.
The company's results beat the average forecast of analysts surveyed by Thomson Reuters, who were expecting earnings of 14 cents per share on revenue of $27.9 million.
Shares of Smith Micro, based in Aliso Viejo, Calif., fell a nickel to close at $9.70 Wednesday.