Silver Spring Networks reports 1Q loss
REDWOOD CITY, Calif. (AP) — Silver Spring Networks Inc. (SSNI) on Monday reported a first-quarter loss of $18.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Redwood City, California-based company said it had a loss of 36 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 2 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.
The provider of energy networking platforms and services posted revenue of $48.6 million in the period. It reported adjusted revenue of $68.9 million. Five analysts surveyed by Zacks expected $64.4 million.
Silver Spring Networks shares have fallen almost 7 percent since the beginning of the year. They slipped $1.82, or 13.5 percent, to $11.61 in after-hours trading following the release of the earnings report.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SSNI at http://www.zacks.com/ap/SSNI
Keywords: Silver Spring Networks, Earnings Report