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Smith Micro Reports First Quarter 2018 Financial Results
ALISO VIEJO, CA, May 9, 2018– Smith Micro Software, Inc. (NASDAQ: SMSI), today reported financial results for its first quarter ended March 31, 2018.
“I am pleased with the continued progress made during the first quarter of 2018,” said William W. Smith, Jr., President and CEO of Smith Micro Software. “Revenues for our Wireless business unit are moving in the right direction, as we have seen increases over the past two quarters with both our SafePath® Family and CommSuite® platforms as customer adoption rates increase.”
“We also recently strengthened our balance sheet significantly, which will allow us to accelerate our product roadmaps and planned M&A activity in 2018. We believe we are very well positioned to continue executing on our strategic initiatives, resulting in expanded revenues and a return to profitability in the coming quarters.”
Fiscal First Quarter 2018 Financial Results:
Smith Micro Software reported revenue of $5.5 million for the first quarter ended March 31, 2018, compared to $5.6 million reported in the first quarter ended March 31, 2017.
First quarter 2018 gross profit was $4.2 million, compared to $4.3 million reported in the first quarter of 2017.
Generally accepted accounting principles in the United States (“GAAP”) gross profit as a percentage of revenue was 76 percent for the first quarter of 2018, compared to 77 percent for the first quarter of 2017.
The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, May 9, 2018 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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