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GigaMedia Q2 loss narrows YOY

GigaMedia Ltd. said its second-quarter normalized net income was a loss of 12 cents per share, compared with a loss of 19 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.4 million, compared with a loss of $2.1 million in the year-earlier period.

The normalized profit margin climbed to negative 65.7% from negative 75.7% in the year-earlier period.

Total revenue declined 24.4% on an annual basis to $2.1 million from $2.7 million, and total operating expenses fell 48.8% year over year to $3.3 million from $6.5 million.

Reported net income came to a loss of $2.1 million, or a loss of 19 cents per share, compared to income of $1.1 million, or 10 cents per share, in the year-earlier period.