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Nordic Semiconductor swings to loss in Q1

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Nordic Semiconductor swings to loss in Q1

Nordic Semiconductor ASA said its normalized net income for the first quarter was a loss of $606,250, compared with income of $3.5 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 1.5% from 8.7% in the year-earlier period.

Total revenue came to $40.1 million, compared with $40.0 million in the year-earlier period, and total operating expenses rose 13.4% on an annual basis to $40.4 million from $35.6 million.

Reported net income came to a loss of $977,030, or a loss of 1 cents per share, compared to income of $3.1 million, or 2 cents per share, in the prior-year period.