ClearOne shares rise on smaller Q1 net loss

Clearone

17/05/2023 11:40

** Shares of communications and networking co ClearOne
 CLRO.O  up 4.5% at $2.09 premarket
    ** Co reports smaller Q1 GAAP net loss of $0.8 mlon, or
$0.03/share vs net loss of about $2.0 mln, or $0.08/share last
year
    ** Decrease in net loss due to recognition of $1.35 mln gain
from legal settlement in qtr & reduction in operating expenses -
CLRO
    ** However, co says Q1 adj. net loss widened to $2.0 mln vs
$1.3 mln last year due to reduction in gross margin caused by
significant decrease in revenue
    ** Up to last close, stock had risen 31.58% YTD

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))