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Geospace Technologies reported a decrease in revenue for the second quarter of 2024 compared to the previous year, resulting in a net loss. However, the company achieved positive net income for the first six months of the fiscal year, indicating progress in profitability. The Oil and Gas Markets segment experienced a revenue decline due to low utilization of OBX and Mariner ocean bottom nodes, while the Adjacent Markets segment performed well. The Emerging Markets segment also contributed to revenue growth. The company appointed Richard Kelley as Chief Operating Officer and announced a $5 million stock repurchase program.
Geospace Technologies (NASDAQ: GEOS) will be releasing its second quarter fiscal year 2024 financial results on May 9, 2024, followed by a conference call on May 10, 2024. The conference call will be at 10:00 a.m. Eastern Time and can be accessed by dialing (800) 267-6316 for US participants and (203) 518-9814 for international participants. A replay will be available on the Investor Relations page of Geospace.com for 60 days.