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Otello Q1 loss narrows YOY

Otello Corporation ASA said its first-quarter normalized net income was a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

The per-share loss narrowed 56.3% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.6 million, compared with a loss of $12.5 million in the prior-year period.

The normalized profit margin rose to negative 6.8% from negative 9.9% in the year-earlier period.

Total revenue climbed 28.9% on an annual basis to $163.5 million from $126.8 million, and total operating expenses grew 33.6% on an annual basis to $163.7 million from $122.5 million.

Reported net income totaled a loss of $17.1 million, or a loss of 12 cents per share, compared to a loss of $26.2 million, or a loss of 18 cents per share, in the prior-year period.