GigaMedia Announces Third-Quarter 2024 Financial Results

Core Viewpoint - GigaMedia Limited reported its third-quarter 2024 financial results, showing a slight increase in revenues compared to the previous quarter but a significant year-over-year decline in both revenues and gross profit. Financial Performance - Revenues for Q3 2024 were $0.77 million, up 6.7% from $0.72 million in Q2 2024, but down 28.2% from $1.01 million in Q3 2023 [2][7] - Gross profit increased by 3.3% quarter-on-quarter to $0.37 million, but decreased by 36.2% year-over-year from $0.58 million [6][7] - The operating loss for Q3 2024 was $1.01 million, slightly improved from a loss of $1.05 million in the previous quarter [6][7] - The net loss attributable to GigaMedia was $0.32 million, compared to a net loss of $0.61 million in Q2 2024 [6][7] - Cash, cash equivalents, and restricted cash at the end of Q3 2024 totaled $35.3 million, down 2.8% from $36.3 million in Q2 2024 [5][8] Business Outlook - GigaMedia plans to enhance social networking features in its games to strengthen player community engagement [3] - The company aims to improve productivity of existing games, execute effective marketing strategies, and expand its customer base [10] - GigaMedia is also reviewing potential strategic investment and acquisition opportunities to drive corporate growth and maximize shareholder value [10]