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Smith Micro Reports First Quarter 2019 Financial Results
Revenue Increased to $8.4 Million
PITTSBURGH, PA, May 8, 2019– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first quarter ended March 31, 2019.
“We delivered a very solid quarter for the Company as we launched our 2019 fiscal year,” said William W. Smith Jr., President and CEO of Smith Micro Software. “We saw accelerated revenue growth with our SafePath® platform, a sixth consecutive quarter of subscriber revenue growth from the CommSuite® platform, and strong contribution from ViewSpot™, our recent Smart Retail acquisition that closed in early January.”
Mr. Smith concluded, “We are off to a solid start to the fiscal year. Our sales pipeline continues to grow across all three of our core wireless solutions, with a broader geographical reach and a more viable ecosystem of opportunities than we have seen in several years. Moving forward, we will leverage and build upon that momentum and continue to deliver growth and profitability throughout 2019.”
First Quarter 2019 Financial Results:
Smith Micro reported revenue of $8.4 million for the first quarter ended March 31, 2019, compared to $5.5 million reported in the first quarter ended March 31, 2018.
First quarter 2019 gross profit was $7.5 million compared to $4.2 million reported in the first quarter of 2018.
The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, May 8, 2019 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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