Sanoma Oyj said its normalized net income for the first quarter amounted to a loss of 2 euro cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 cents per share.

The per-share loss narrowed 66.1% year over year from 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €3.0 million, compared with a loss of €7.4 million in the year-earlier period.

The normalized profit margin rose to negative 0.9% from negative 2.0% in the year-earlier period.

Total revenue fell 7.1% year over year to €353.1 million from €380.1 million, and total operating expenses fell 10.1% year over year to €351.0 million from €390.3 million.

Reported net income came to €600,000, or 0 cents per share, compared to a loss of €8.3 million, or a loss of 6 cents per share, in the prior-year period.