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Pixelworks Q1 loss widens 29.3% YOY

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Pixelworks Q1 loss widens 29.3% YOY

Pixelworks Inc. said its normalized net income for the first quarter came to a loss of 10 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 15 cents per share.

The per-share loss increased 7.9% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.7 million, compared with a loss of $2.1 million in the year-earlier period.

The normalized profit margin dropped to negative 24.2% from negative 14.5% in the year-earlier period.

Total revenue declined 22.4% year over year to $11.2 million from $14.4 million, and total operating expenses decreased 12.7% on an annual basis to $15.4 million from $17.6 million.

Reported net income came to a loss of $8.6 million, or a loss of 31 cents per share, compared to a loss of $3.4 million, or a loss of 14 cents per share, in the prior-year period.