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Starbreeze swings to loss in Q1

Starbreeze AB (publ) said its first-quarter normalized net income amounted to a loss of 4 Swedish öre per share, compared with 3 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.3 million kronor, compared with income of 6.8 million kronor in the year-earlier period.

The normalized profit margin fell to negative 13.3% from 12.2% in the year-earlier period.

Total revenue rose 26.8% year over year to 70.1 million kronor from 55.3 million kronor, and total operating expenses grew 49.9% year over year to 76.0 million kronor from 50.7 million kronor.

Reported net income came to a loss of 14.5 million kronor, or a loss of 6 öre per share, compared to income of 8.1 million kronor, or 4 öre per share, in the prior-year period.

As of May 18, US$1 was equivalent to 8.29 Swedish kronor.