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Pareteum Q1 loss narrows YOY

Pareteum Corp. said its normalized net income for the first quarter amounted to a loss of 35 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 25 cents per share.

The per-share loss decreased 25.4% year over year from 47 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.3 million, compared with a loss of $2.9 million in the prior-year period.

The normalized profit margin declined to negative 70.0% from negative 58.2% in the year-earlier period.

Total revenue fell 34.7% on an annual basis to $3.3 million from $5.0 million, and total operating expenses decreased 16.5% on an annual basis to $6.9 million from $8.3 million.

Reported net income totaled a loss of $4.9 million, or a loss of 75 cents per share, compared to a loss of $1.5 million, or a loss of 34 cents per share, in the prior-year period.