GigaMedia Ltd - GIGM STOCK NEWS

GigaMedia Limited (NASDAQ: GIGM) has made an amendment to its previous announcement to clarify Exhibit 99.3 to the Notice of Annual General Meeting of Shareholders and Proxy Statement. The amendment corrects the Critical Audit Matter Description in the Report of Independent Registered Public Accounting Firm. The correct version of the Consolidated Financial Statements is attached to the announcement.

GigaMedia Limited (NASDAQ: GIGM) reported its 2022 financial results, showing revenues of $5.6 million, a slight increase of 1.7% from 2021. Gross profit rose to $3.3 million, achieving a gross margin rate of 58.2%. The company posted a net loss of $3.1 million, improving from $3.4 million in the previous year. Operating expenses decreased from $6.9 million to $6.3 million. Despite challenges in the entertainment sector, GigaMedia has maintained a solid financial position with $39.1 million in cash. The fourth quarter witnessed a 30% decline in revenues quarter-on-quarter, attributed to seasonality.

GigaMedia Limited (NASDAQ: GIGM) announced its Q3 2022 financial results, reporting revenues of $1.58 million, up 15.6% from Q2 2022. Gross profit reached $0.95 million, with a gross margin improvement to 60.3%. The company experienced a consolidated operating loss of $0.67 million, reduced from $0.84 million in the prior quarter, and a net loss of $0.87 million compared to $1.13 million last quarter. Cash and equivalents stood at $39.6 million, or $3.58 per share. Management continues to streamline operations amid economic challenges to ensure sustainable performance.

GigaMedia Limited (NASDAQ: GIGM) reported its second-quarter 2022 financial results, revealing revenues of $1.36 million, a 14.1% decline in gross profit to $0.77 million, and a net loss of $1.13 million. Compared to the prior quarter, revenues decreased by 11.8% due to weakened consumer sentiment amid inflation and economic downturns. However, revenues increased by 11.3% year-over-year. Operating losses remained stable, and cash reserves were reported at $39.6 million. GigaMedia aims to enhance its product offerings despite market challenges.

On June 23, 2022, at GigaMedia Limited's Annual General Meeting (AGM), all resolutions stated in the AGM Notice dated May 13, 2022, were passed. Key resolutions included the adoption of audited financial statements with 98.81% votes in favor, appointment of auditors with 99.00% approval, and directors' remuneration with 97.65% support. Additionally, resolutions for share issuance authority and share purchase mandate received 97.99% and 98.74% approval, respectively. The company, headquartered in Taipei, Taiwan, specializes in digital entertainment services.

GigaMedia Limited (NASDAQ: GIGM) reported its first quarter 2022 financial results with revenues of $1.55 million, marking a 23.0% increase from the previous quarter and 6.9% year-over-year. Gross profit rose to $0.90 million, reflecting a 48.4% increase quarter-on-quarter. However, the company recorded a net loss of $1.10 million, slightly up from $0.99 million last quarter, primarily due to foreign exchange losses. GigaMedia's cash reserves stood at $40.5 million, equating to approximately $3.67 per share.

GigaMedia Limited (NASDAQ: GIGM) reported its unaudited financial results for 2021, showing revenues of $5.5 million, a 20.1% decline from $6.9 million in 2020. The company faced increased losses, with a net loss of $3.4 million compared to $1.3 million in the previous year. Key factors included decreased revenue from licensed games affected by the COVID-19 pandemic and increased operational costs. The fourth quarter also saw a revenue drop of 19.6% quarter-on-quarter. Despite these challenges, GigaMedia ended the year with $41.8 million in cash and equivalents.