GigaMedia Earnings: Loss Narrows

GigaMedia Limited (NASDAQ:GIGM) reported its results for the second quarter. GigaMedia is a provider of gaming software and services to the online gaming industry, and an operator of online games in Greater China, including the PRC, Taiwan, Hong Kong and Macau.

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GigaMedia Limited Earnings Cheat Sheet

Results: Loss narrowed to $3.5 million (loss of 7 cents per diluted share) from $7 million (loss of 12 cents per share) in the same quarter a year earlier.

Revenue: Fell 18.9% to $7.1 million from the year-earlier quarter.

Quoting Management: “In the first half of 2012 we took strong steps to turnaround our performance and build New Giga,” stated Chief Executive Officer John Stringer. “We implemented extensive workforce reductions, simplified operations to capture cost savings and increase efficiencies, and took action to end the operational drags of underperforming subsidiaries that had no clear path to profitability.”

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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