GigaMedia Announces Second-Quarter 2022 Financial Results

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[{"type":"text","content":"TAIPEI, July 29, 2022 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its second-quarter 2022 unaudited financial results.\nComments from Management\nIn the second quarter of 2022, GigaMedia reported revenues of $1.36 million, with a gross profit $0.77 million, an operating loss of $0.84 million and the net loss of $1.13 million. Total revenues decreased by 11.8% if compared to the previous quarter.\nThe decrease in revenues was mainly as a result of a weaker consumer sentiment on entertainment, which was undermined by inflation, downturn in financial markets, and an unprecedented COVID-19 upsurge in Taiwan.\n\"The first half of 2022 had posed challenges for us,\" said GigaMedia CEO James Huang, \"nonetheless, we managed to minimize the adverse impacts to our business and continued making progress in improving our products and services.\"\nSecond Quarter Overview\nOperating revenues decreased by approximately 11.8% quarter-on-quarter, to $1.36 million from $1.55 million in last quarter, but increased by 11.3% year-over-year from $1.22 million the same period last year. The decrease from last quarter was mainly due to reduced consumer spending on entertainment amid a worsening economic environment.Gross profit decreased by 14.1% to $0.77 million from $0.90 million in last quarter, and increased by 22.3% compared to $0.63 million in the same period last year.The net asset value was $4.46 per share.Unaudited Consolidated Financial Results\nGigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games.\nUnaudited consolidated results of GigaMedia are summarized in the table below.\nFor the Second Quarter\nGIGAMEDIA 2Q22 UNAUDITED CONSOLIDATED FINANCIAL RESULTS\n(unaudited, all figures in US$ thousands, exceptper share amounts)\n2Q22\n1Q22\nChange\n(%)\n2Q22\n2Q21\nChange\n(%)\nRevenues\n1,363\n1,546\n-11.84 %\n1,363\n1,225\n11.27 %\nGross Profit\n774\n901\n-14.10 %\n774\n633\n22.27 %\nLoss from Operations\n(844)\n(828)\nNM\n(844)\n(1,079)\nNM\nNet Loss Attributable to GigaMedia\n(1,131)\n(1,099)\nNM\n(1,131)\n(836)\nNM\nNet Loss Per Share Attributable to GigaMedia, Diluted\n(0.10)\n(0.10)\nNM\n(0.10)\n(0.08)\nN...

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