Smith Micro (SMSI) reported an 81 percent fall in quarterly profit, hurt by mounting operating expenses. Revenue of the wireless communication software products developer rose 38 percent to $20.4 million from a year ago.
Shares are off 28% to $10.94.
SMSI reported third-quarter net income of $472,000, or 2 cents a share, compared with $2.5 million, or 9 cents a share, a year ago, according to Reuters.
Analysts had expected the company to earn 21 cents a share, excluding special items, on revenue of $20.3 million, but it did not work out that way.
Douglas A. McIntyre