GigaMedia Announces First-Quarter 2021 Financial Results

About this update from Gigamedia Limited

[{"type":"text","content":"TAIPEI, May 3, 2021 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its first quarter 2021 unaudited financial results.\nComments from Management\nFor the first quarter of 2021, GigaMedia reported revenues of $1.45 million with a gross profit of $0.79 million, an operating loss of $0.90 million and the net loss of $0.88 million. Total revenues increased by 2.0% if compared to the previous quarter.\n\"Our business momentum has slowed since the fourth quarter 2020,\" said GigaMedia CEO James Huang, \"but as we stick with our strategies of internally-driven growth and effective marketing, we managed to sustain growth in revenues and keep costs and expenses in check.\" \nFirst Quarter Overview\nOperating revenues increased slightly by 2.0% in quarter-on-quarter comparison, and decreased by 9.9% year-over-year. The slowdown was primarily due to declines in certain of our licensed mobile games, where the upgrades and supports from our Japanese and Korean licensors were severely hampered by the COVID-19 pandemic. Loss from operations increased to $0.90 million from $0.61 million last quarter, and net loss to $0.88 million, from $0.34 million last quarter. The increases were mainly due to rises in certain general expenses.Unaudited Consolidated Financial Results\nGigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.\nFor the First Quarter\nGIGAMEDIA 1Q21 UNAUDITED CONSOLIDATED FINANCIAL RESULTS\n(unaudited, all figures in US$ thousands, except per share amounts)\n1Q21\n4Q20\nChange\n(%)\n1Q21\n1Q20\nChange\n(%)\nRevenues\n1,446\n1,418\n2.0\n%\n1,446\n1,604\n(9.9)\n%\nGross Profit\n791\n818\n(3.3)\n%\n791\n927\n(14.7)\n%\nLoss from Operations\n(901)\n(607)\nNM\n(901)\n(640)\nNM\nNet Loss Attributable to GigaMedia\n(875)\n(340)\nNM\n(875)\n(286)\nNM\nLoss Per Share Attributable to GigaMedia, Diluted\n(0.08)\n(0.03)\nNM\n(0.08)\n(0.03)\nNM\nEBITDA (A)\n(949)\n(411)\nNM\n(949)\n(536)\nNM\nCash, Cash Equivalents and Restricted Cash\n44,446\n46,002\n(3.4)\n%\n44,446\n57,311\n(22.4)\n%\nNM= Not Meaningful\n(A) EBITDA (earnings before interest,...

More updates from Gigamedia Limited