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PITTSBURGH - Smith Micro Software , Inc. (NASDAQ:SMSI) reported fourth quarter financial results that beat analyst expectations, sending shares soaring over 22% in after-hours trading.
The company posted revenue of $5.0 million for the quarter ended December 31, 2024, down 41.9% YoY from $8.6 million in the same period last year. Adjusted earnings per share came in at a loss of $0.11, narrower than analyst estimates of a $0.25 loss per share.
Despite the revenue decline, investors appeared encouraged by Smith Micro’s progress on its SafePath platform and new product launches. The company successfully deployed its SafePath Kids solution with Orange Spain’s TúYo offering during the quarter.
"We have distinguished ourselves as a trusted partner to mobile operators through our delivery of value-added-services, and now, with our latest innovations in SafePath OS and SafePath Kids, carriers can leverage the strength of our SafePath solutions to offer devices and rate plans aimed at creating a safer mobile experience," said William W. Smith, Jr., CEO of Smith Micro.
Gross profit margin improved slightly to 75.6% compared to 74.9% in Q4 2023. The company ended the quarter with $2.8 million in cash and cash equivalents.
For the full year 2024, Smith Micro reported revenue of $20.6 million, down 49.6% from $40.9 million in 2023. The adjusted net loss for 2024 was $13.7 million or $1.11 per share.
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