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MediaTek profit misses consensus by 34.3% in Q1

MediaTek Inc. said its normalized net income for the first quarter came to NT$2.03 per share, compared with the S&P Capital IQ consensus estimate of NT$3.10 per share.

EPS fell 37.4% year over year from NT$3.25.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$3.18 billion, a decline of 37.5% from NT$5.09 billion in the prior-year period.

The normalized profit margin dropped to 5.7% from 10.7% in the year-earlier period.

Total revenue climbed 17.6% year over year to NT$55.91 billion from NT$47.54 billion, and total operating expenses grew 29.2% year over year to NT$51.50 billion from NT$39.86 billion.

Reported net income fell 39.5% from the prior-year period to NT$4.37 billion, or NT$2.79 per share, from NT$7.22 billion, or NT$4.61 per share.

As of May 16, US$1 was equivalent to NT$32.63.