Microvision Inc. (MVIS: Quote) reported that its first-quarter net loss was $9.8 million, or $0.58 per share, compared to a loss $9.0 million, or $0.70 per share for the same quarter a year ago.
Revenue was $1.7 million, compared to $1.1 million a year ago, primarily from the sale of current generation PicoP display engines and the SHOWWX family of pico projectors.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.50 per share on revenues of $1.27 million for the quarter. Analysts' estimates typically exclude special items.
MicroVision said it plans to reduce its cash used in operations by approximately 50% during the second half of 2012 to align to its "Image by PicoP" ingredient brand model.
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by RTT Staff Writer
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