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Smith Micro Software swings to loss in Q1

Smith Micro Software Inc. said its normalized net income for the first quarter amounted to a loss of $2.3 million, compared with income of $630 in the year-earlier period.

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

The normalized profit margin fell to negative 31.9% from 0.0% in the year-earlier period.

Total revenue declined 31.5% year over year to $7.2 million from $10.5 million, and total operating expenses rose year over year to $10.9 million from $10.5 million.

Reported net income came to a loss of $3.7 million, or a loss of 32 cents per share, compared to a loss of $10,000, or a loss of 0 cents per share, in the year-earlier period.