Acacia Research Corp. (ACTG) Thursday said first-quarter profit plunged to $5.11 million or $0.11 per share from $49.93 million or $1.09 per share in the same period last year.
Adjusted earnings for the quarter was $22.71 million or $0.47 per share. On average, six analysts polled by Thomson Reuters expected the company to earn $0.42 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues dropped to $76.86 million from $99.04 million last year. Analysts expected revenues of $58.68 million.
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