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GigaMedia Q1 loss widens 29.4% YOY

GigaMedia Ltd. said its normalized net income for the first quarter came to a loss of 24 cents per share, compared with a loss of 20 cents 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 $2.6 million, compared with a loss of $2.0 million in the year-earlier period.

The normalized profit margin increased to negative 83.3% from negative 93.6% in the year-earlier period.

Total revenue grew 45.4% year over year to $3.2 million from $2.2 million, and total operating expenses climbed 38.7% year over year to $6.6 million from $4.7 million.

Reported net income came to $5.0 million, or 45 cents per share, compared to a loss of $3.1 million, or a loss of 30 cents per share, in the year-earlier period.