Tuesday, Software solution provider Copernic Inc. (CNIC), reported a second-quarter net loss that narrowed from the year-ago period, primarily due to lower expenses during the quarter.
The Montreal, Canada-based company reported a second quarter net loss of $0.52 million or $0.04 per share that narrowed from $1.09 million or $0.07 per share in the corresponding quarter last year.
Revenues for the quarter decreased to $1.72 million from $1.95 million in the year-ago period. The decline was attributed to lower search advertising.
Segment wise, Graphic advertising revenue for the second quarter decreased to $1.3 million from $1.8 million in the prior-year quarter, while revenue from desktop search products increased to $0.42 million from $0.13 million in the corresponding period last year.
Cost of revenues declined to $1.32 million from $1.54 million in the prior year quarter. Expenses for the quarter dropped to $3.85 million from $5.82 million in the corresponding quarter a year ago.
For the six-month period, net loss narrowed to $1.61 million or $0.11 per share from $2.47 million or $0.17 per share in the corresponding period last year. Revenues decreased to $3.43 million from $4.60 million in the prior-year period.
Copernic closed Tuesday's regular trading at $0.3150, up $0.0028 or 0.89%, on a volume of 34,205 shares on the Nasdaq. In after-hours trading, the stock gained $0.89%, trading at $0.3178.
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