Welcome to our dedicated page for Smith Micro Software news (Ticker: SMSI), a resource for investors and traders seeking the latest updates and insights on Smith Micro Software stock.
Smith Micro Software Inc (NASDAQ: SMSI) is a renowned provider of innovative software solutions catering to the mobile world. With a focus on addressing critical business challenges, Smith Micro collaborates with leading global wireless service providers, cable/MSOs, and mobile device and chipset manufacturers. The company's core competencies lie in developing modular, multi-platform wireless solutions such as SafePath, CommSuite, and ViewSpot.
Smith Micro's wireless solutions are designed to enhance the quality of experience for mobile users by optimizing connectivity, facilitating policy-on-device control, and providing analytics-driven insights. These solutions empower enterprises, brands, and communication service providers to engage with their subscribers in a more personalized and effective manner.
In addition to wireless solutions, Smith Micro is a leader in graphics software, offering a range of products for animators, illustrators, graphic designers, and students. These tools are instrumental in creating rich, animated content such as cartoons, films, and motion comics, contributing to the vibrant media market.
Smith Micro's financial health and operational efficiency are reflected in its continued partnerships with large wireless carriers, cable operators, and OEMs. The company remains committed to innovating and delivering top-notch software solutions that meet the evolving needs of the mobile-first global society.
Recent Achievements and Current Projects:
- Partnerships with major global wireless carriers to enhance connectivity solutions.
- Launch of new features in the SafePath platform, aimed at improving family safety and security.
- Continued development of CommSuite to offer advanced voicemail and messaging services.
- Expansion of ViewSpot to provide better in-store mobile device engagement.
With a focus on quality and efficiency, Smith Micro Software Inc. continues to play a pivotal role in the mobile and graphics software industries, driving innovation and improving user experiences worldwide.
Smith Micro Software, Inc. (NASDAQ: SMSI) announced significant workforce cuts, reducing its global workforce by approximately 26%. This includes closures in Slovakia effective June 30, 2023. The company has also cut executive salaries and suspended its quarterly bonus program until achieving profitability on a non-GAAP basis. Smith Micro is targeting a reduction of $4 million in quarterly costs and is focused on migrating family safety customers to its SafePath platform, with a launch expected from a Tier 1 carrier in the second half of 2023. The company anticipates reaching profitability by the end of Q3 fiscal year 2023.
Smith Micro Software, Inc. (NASDAQ: SMSI) announced its fourth quarter and fiscal year 2022 financial results, reporting a revenue of $11.4 million for Q4, down from $14.7 million in Q4 2021. The company posted a GAAP net loss of $8.0 million, compared to a loss of $4.0 million in the prior year. For the full year, revenue totaled $48.5 million, a decline from $58.4 million in 2021. The gross profit margin decreased, with gross profit at $34.3 million for the year. Smith Micro aims to reduce expenses by $4 million per quarter to return to profitability by Q3 2023, focusing on unifying its Digital Family Lifestyle business.
Smith Micro Software, Inc. (NASDAQ: SMSI) is set to report its fourth quarter and fiscal year 2022 financial results on March 9, 2023, after market close. A teleconference will follow at 4:30 PM ET for all interested parties. Participants can join by dialing 1-844-701-1164 (international: +1 412-317-5492). The news release will be accessible on Smith Micro’s Newsroom. The company specializes in software solutions enhancing the mobile experience for leading wireless service providers and MSOs worldwide.
Smith Micro Software (SMSI) recently unveiled enhanced data and analytics capabilities for its ViewSpot platform, aimed at boosting retail customer engagement. The platform allows retailers to link user engagement with sales outcomes, facilitating effective marketing strategies in-store. The launch is particularly timely given the challenges in retail environments, such as workforce reductions and rising consumer expectations for data-driven experiences. The Company plans to promote ViewSpot beyond mobile network operators to other retailers, aiming to transform consumer browsing into purchasing through actionable insights and dynamic content management.
Smith Micro Software (NASDAQ: SMSI) announced a contract termination from a Tier 1 carrier customer for its family safety solution, effective June 30, 2023. While the company will continue delivering services for up to 180 days after the termination, it expresses disappointment over the unexpected notice. To mitigate impacts, Smith Micro plans to reallocate resources to other Tier 1 customers and accelerate cost-saving initiatives to align its cost structure. The company assures it remains committed to fulfilling obligations under the contract while focusing on growth and profitability.
Smith Micro Software (SMSI) will participate in MWC Barcelona from February 27 to March 2, 2023, showcasing its innovative SaaS platforms, including SafePath® and ViewSpot®. These solutions aim to enhance customer engagement and drive revenue for mobile network operators. Key executives attending include Von Cameron and Jonas Jacobsson. The company seeks to expand through new partnerships and potential mergers and acquisitions. Visitors can find Smith Micro in Meeting Room 2L4MR, Hall 2, and schedule meetings via email or their website. For more information, visit smithmicro.com.
Smith Micro Software, Inc. (NASDAQ: SMSI) has secured a new contract with a Tier 1 mobile network operator in the U.S. to deliver its digital family safety solutions, replacing a previous agreement. The updated terms focus on enhancing parental controls and location services. CEO William W. Smith Jr. expressed optimism about the partnership's potential to improve customer experiences. The solutions include features like on-demand tracking, location history, and content filtering, aimed at enriching family digital lifestyles. This development strengthens Smith Micro's position in the market and enhances its collaboration with major service providers.
Smith Micro Software (NASDAQ: SMSI) announced its participation in the Benchmark Company's 11th Annual Discovery One-on-One Investor Conference on December 1, 2022, at the New York Athletic Club. The event will feature one-on-one meetings between Smith Micro and institutional analysts and investors, facilitating direct engagement. This conference aims to connect emerging public companies with investors, providing a platform for growth opportunities. Interested parties can register for appointments via the provided link.
Smith Micro Software, Inc. (NASDAQ: SMSI) reported third quarter financial results for 2022, posting revenues of $11.7 million, down from $16.4 million in Q3 2021. Gross profit decreased to $8.1 million from $12.8 million, reflecting a 69% gross margin, compared to 78% in the prior year. The company recorded a GAAP net loss of $7.3 million, improved from $18.6 million lost last year. Year-to-date revenue stood at $37.1 million, declining from $43.7 million in the same period in 2021. Cash and cash equivalents were $19.0 million as of September 30, 2022.
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