Sandvine Corporation (SVC.TO,SNVNF.PK,SAND.L), Thursday reported a wider net loss for the first quarter, affected mainly by inventory write-downs.
The Waterloo, Ontario-based company reported a first-quarter net loss of $6.49 million or $0.047 per share, compared to a net loss of $2.69 million or $0.020 per share last year. Net loss included an inventory write-down of $3.7 million.
Adjusted net loss for the quarter widened to $5.77 million or $0.042 per share from $2.03 million or $0.015 per share in the prior-year quarter. On average, 10 analysts polled by Thomson Reuters expected the company to lose $0.02 per share in the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 5 percent to $20.1 million from $19.18 million in the prior-year quarter. Nine analysts had a consensus revenue estimate of $21.62 million for the quarter.
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