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Cavium Q1 loss narrows YOY

Cavium Inc. said its normalized net income for the first quarter was a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of 25 cents per share.

The per-share loss decreased 74.8% year over year from 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.2 million, compared with a loss of $8.5 million in the prior-year period.

The normalized profit margin climbed to negative 2.2% from negative 8.3% in the year-earlier period.

Total revenue came to $101.9 million, compared with $101.8 million in the prior-year period, and total operating expenses fell 8.4% on an annual basis to $105.2 million from $114.9 million.

Reported net income came to a loss of $4.0 million, or a loss of 7 cents per share, compared to a loss of $13.7 million, or a loss of 25 cents per share, in the year-earlier period.