ClearOne (CLRO) Misses Q1 EPS by 16c

ClearOne (NASDAQ: CLRO) reported Q1 EPS of $0.02, $0.16 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $11.7 million versus the consensus estimate of $13.14 million.

"2017 is trending positively," said Zee Hakimoglu, president and chief executive officer. "In the first quarter, our new Converge® Pro 2 platform gained market traction with revenue more than doubling sequentially and contributing to an improved gross margin. Also, video solutions continued to make steady, strong gains with revenue growing 60% over Q1 2016. The combination, despite typical seasonality, fueled sequential total revenue growth of 9%.

"In addition, ClearOne was awarded a new patent on April 25th on a system and method involving the combination of echo cancellation and beamforming microphone arrays. This award, named the '186 patent, augments ClearOne's strong history of product innovation and development of cutting edge technologies. Our investments are powering ClearOne's industry-leading edge in conferencing technology and delivered the pro-AV industry's first pro-grade microphone array with beamforming, adaptive steering/smart beam selection, and acoustic echo cancellation, which we believe to be a significant asset in our market. We have initiated a strategy to ensure our intellectual property is respected by the industry, which is consistent with our commitment to build long-term shareholder value," concluded Hakimoglu.

For earnings history and earnings-related data on ClearOne (CLRO) click here.

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