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Snipp Interactive swings to loss in Q1

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.