Smith Micro Software, Inc. (NASDAQ:SMSI) reported results from its fourth quarter and full year operations on 7th March. The better than expected results announcement, sent the stock shooting up in valuation during trading yesterday, driven by sustained demand from investors. This led to the stock posting a 38.2 percent increase in valuation during trading yesterday.
Smith Micro Software, Inc. (NASDAQ:SMSI) which is into providing cellular solutions to its customers reported net revenue of $11.8 million for the 4Q, as against $12 million it had achieved in 4Q12. Gross profits for the quarter came in at $9.5 million as against a $9.7 million it had reported in 4Q12.
Full Year Highlights
For the full year 2013, Smith Micro Software, Inc. (NASDAQ:SMSI) reported $42.7 million as against the $43.3 million it had achieved in FY12. Gross profits for the year dropped to $33 million, as against the $34.9 million that had been recorded in FY12. Cash and cash equivalents for the full year 2013 came in at $14.8 million.
One of the positive developments in the operations was that Smith Micro Software, Inc. (NASDAQ:SMSI) managed to post a 35 percent increase in revenue for its fourth quarter in comparison to 3Q, on the back of new revenue stream being from sales to a leading chipset maker, coupled with a better than expected holiday season revenue coming in from its productivity and graphics products business.”
Smith Micro Software, Inc. (NASDAQ:SMSI) Chief Executive Officer and President William W. Smith Jr., while expanding on the highlights of the fourth quarter operations has been quoted to have explained that, “Fourth quarter revenues were down approximately 2 percent from the same quarter last year, but we saw a total year-over-year increase in our CommSuite, NetWise, and Productivity & Graphics product lines totalling $4.6 million. In addition, fourth quarter non-GAAP loss per share improved from $0.06 in 2012 to $0.01 loss per share in 2013, reflecting the positive impact of our third quarter restructuring.”