GigaMedia Announces Second-Quarter 2023 Financial Results

About this update from Gigamedia Limited

[{"type":"text","content":"TAIPEI, July 31, 2023 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its second-quarter 2023 unaudited financial results.\nComments from Management\nIn the second quarter of 2023, GigaMedia reported revenues of $1.03 million, with a gross profit $0.57 million, an operating loss of $0.92 million and the net loss of $0.56 million. Total revenues decreased by 22.6% if compared to the previous quarter.\nThe decrease in revenues was mainly as a result of seasonality, as the second quarter is usually a slower season than the first. Currently we focused on fine-tuning the operation of our casual games and customer platform for upcoming summer vacation.\nSecond Quarter Overview\nOperating revenues decreased by approximately 22.6% quarter-on-quarter, to $1.03 million from $1.33 million in last quarter, and decreased by 24.8% year-over-year from $1.36 million the same period last year. The decrease from last quarter was mainly due to seasonality from high peak during winter vacation in the previous quarter.Gross profit decreased by 28.5% to $0.57 million from $0.79 million in last quarter, and decreased by 26.9% compared to $0.77 million in the same period last year.The net asset value was $4.32 per share.Unaudited Consolidated Financial Results\nGigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games.\nUnaudited consolidated results of GigaMedia are summarized in the table below.\nFor the Second Quarter\nGIGAMEDIA 2Q23 UNAUDITED CONSOLIDATED FINANCIAL RESULTS\n(unaudited, all figures in US$ thousands, except per share amounts)\n2Q23\n1Q23\nChange(%)\n2Q23\n2Q22\nChange(%)\nRevenues\n1,025\n1,325\n-22.64\n%\n1,025\n1,363\n-24.80\n%\nGross Profit\n566\n792\n-28.54\n%\n566\n774\n-26.87\n%\nLoss from Operations\n(919)\n(698)\nNM\n(919)\n(844)\nNM\nNet Loss Attributable to GigaMedia\n(562)\n(313)\nNM\n(562)\n(1,131)\nNM\nNet Loss Per Share Attributable to GigaMedia, Diluted\n(0.05)\n(0.03)\nNM\n(0.05)\n(0.10)\nNM\nEBITDA (A)\n(982)\n(704)\nNM\n(982)\n(1,190)\nNM\nCash, Cash Equivalent and Restricted Cash\n37,775\n38,119\n-0.90\n%\n37,775\n39,631\n-4.68\n%\nNM= Nt Meaningful\n(A) EBITDA (earnings before interest, t...

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