Neonode 2nd-quarter loss widens to $3.4M

Neonode shares tumble 10 percent on wider 2nd-quarter loss stemming from higher costs

Associated Press

SANTA CLARA, Calif. (AP) -- Shares of Neonode Inc. tumbled 10 percent Tuesday, after the developer of touch-based technologies said its second-quarter loss widened to $3.4 million on a jump in costs.

Neonode's loss amounted to 10 cents per share and compared with a loss of $2.7 million, or 10 cents per share, in the same quarter last year. The recent quarter's results are based on 33 million outstanding shares, while the year-ago results are based on 27.6 million.

Revenue jumped to $2 million from $283,000, boosted by license fees related to customer product shipments and an increase in its engineering fees.

Product research and development expense jumped to $1.5 million from $382,000, due to an increase in staffing at its Sweden and U.S. offices. Sales and marketing expenses rose to $1.7 million from $363,000 on an increase in sales staffing levels and marketing activities.

Neonode shares fell 41 cents or 9.5 percent to $3.92 in afternoon trading, after dropping as low as $3.68 earlier in the day. Over the past 52 weeks, the company's shares have traded between $2.85 and $7.40.

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