Velti Plc (VELT) Tuesday said its loss for the first quarter narrowed from last year, driven mainly by a surge in revenues.
The Dublin, Ireland-based company's attributable net loss for the first quarter was $8.82 million or $0.14 per share, compared to $15.87 million or $0.34 per share last year.
Adjusted net loss for the quarter decreased to $1.14 million or $0.02 per share from $5.20 million or $0.11 per share in the prior-year quarter. On average, seven analysts polled by Thomson Reuters expected loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter soared 75 percent to $51.79 million from $29.55 million in the prior-year quarter. Seven analysts had a consensus revenue estimate of $46.37 million for the quarter.
Looking ahead, the company anticipates second quarter revenues in the range of $55 million to $59 million. Analysts currently expect the company to generate revenues of $54.69 million.
The company lifted its full-year 2012 revenue guidance to a range of $283 million to $296 million from its previous estimate of $280 million to $295 million. Analysts currently expect revenues of $289.50 million.
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