Smith Micro 1Q net income rises nearly 6-fold

Wed, 05/05/2010 - 2:30pm
The Associated Press

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.


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