SANTA CLARA, Calif. (AP) -- Neonode's losses for the first quarter shrank as the developer of touch-based technologies pulled in license fees and boosted engineering fees.
The cost of revenue spiked by 61 percent on engineering development for new products, but revenue jumped more than 100 percent.
For the quarter ended March 31, the Santa Clara, Calif., company posted a loss of $1.6 million, or 5 cents per share, compared with a loss of $9.7 million, or 43 cents per share, in the same quarter last year.
Revenue rose to $1.2 million from $539,000.
The company said it still expects its 2012 revenue to total between $18 million and $20 million.
Shares of Neonode Inc. fell 28 cents, or 6 percent, to $4.37 in midday trading, after dropping as low as $4.29 earlier in the day.