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AudioEye Q1 loss widens 49.3% YOY

AudioEye Inc. said its normalized net income for the first quarter came to a loss of 3 cents per share, compared with a loss of 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.8 million, compared with a loss of $1.9 million in the year-earlier period.

Total revenue grew 23.4% on an annual basis to $124,700 from $101,040, and total operating expenses decreased 64.4% from the prior-year period to $1.1 million from $3.1 million.

Reported net income totaled a loss of $4.5 million, or a loss of 6 cents per share, compared to a loss of $3.0 million, or a loss of 4 cents per share, in the year-earlier period.