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MediaTek profit misses consensus by 84.3% in Q1

MediaTek Inc. said its normalized net income for the first quarter amounted to 55 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$3.48 per share.

EPS decreased 73.2% year over year from NT$2.03.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$857.2 million, a decrease of 73.1% from NT$3.18 billion in the prior-year period.

The normalized profit margin declined to 1.5% from 5.7% in the year-earlier period.

Total revenue came to NT$56.08 billion, compared with NT$55.91 billion in the year-earlier period, and total operating expenses rose 6.5% on an annual basis to NT$54.87 billion from NT$51.50 billion.

Reported net income grew 53.5% from the prior-year period to NT$6.70 billion, or NT$4.27 per share, from NT$4.37 billion, or NT$2.79 per share.

As of May 15, US$1 was equivalent to NT$30.14.