Snipp Interactive Inc. said its normalized net income for the first quarter came to a loss of $1.8 million, compared with income of $143,950 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to negative 90.1% from 3.9% in the year-earlier period.
Total revenue declined 43.1% year over year to $2.1 million from $3.7 million, and total operating expenses climbed year over year to $5.1 million from $4.9 million.
Reported net income came to a loss of $2.8 million, or a loss of 3 cents per share, compared to income of $201,820, or 0 cents per share, in the prior-year period.