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Smith Micro Reports 2017 Third Quarter Financial Results
ALISO VIEJO, CA, October 25, 2017– Smith Micro Software, Inc. (NASDAQ: SMSI), today reported financial results for its third quarter ended September 30, 2017.
“The launch of our SafePath® Family platform by a Tier 1 wireless operator in the U.S. announced earlier this month marked a significant milestone on our path back to growth and profitability,” said William W. Smith, Jr., President and CEO of Smith Micro Software. “We expect to see a positive impact from this deployment on our revenue starting in the fourth quarter and building into fiscal 2018, as their user base converts and scales.
“I am pleased with the current strength of the Company, which reflects the restructuring we undertook earlier this year and our recent financings that significantly improved our balance sheet. We are focused on building upon this success, and remain excited and confident as we execute on the opportunities in front of us.”
Fiscal Third Quarter 2017 Financial Results:
Smith Micro Software reported revenue of $5.8 million for the third quarter ended September 30, 2017, compared to $6.5 million reported in the third quarter ended September 30, 2016.
Third quarter 2017 gross profit was $4.6 million, compared to $4.7 million reported in the third quarter of 2016.
GAAP gross profit as a percentage of revenue was 80 percent for the third quarter of 2017, compared to 72 percent for the third quarter of 2016.
The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, October 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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