Smith Micro Software shares slide on Q1 report
Shares of Smith Micro Software Inc. (Nasdaq: SMSI) slid on heavy volume today after the Aliso Viejo, Calif.-based company released its first quarter results.
For the three months ended March 31, Smith Micro Software reported pro forma net income of $6.2 million, or $0.20 per share, on record revenue of $17.7 million. GAAP earnings per share totaled $1.8 million, or $0.06 per share.
Ten analysts polled by Thomson First Call had estimated earnings per share of $0.17 on revenue of $17.5 million.
In after-hours trading today, Smith Micro’s stock fell by $1.83, or 11%, to $14.80 after closing up $0.80, or 5%, at $16.63.
Shares have traded between $9.01 (on Aug. 11, 2006) and $21.20 (on April 17) in the past year.
About 2.5 million shares had changed hands, compared with a three-month average daily volume of 1.3 million shares.
Looking ahead, the firm said it plans to continue to expand its portfolio through acquisitions and new organic technology developments.
On April 19, Jefferies & Co. downgraded the stock to “Hold” from “Buy.”
