Peraso Inc. (NASDAQ: PRSO), a prominent player in mmWave technology for 5G licensed and 60 GHz unlicensed networks, disclosed its financial outcomes for the initial fiscal quarter concluding on March 31, 2024, on May 13. The company revealed total net earnings of $2.8 million, contrasting with $1.8 million in the preceding quarter and $5 million in the corresponding period of the prior year.
During the first quarter, product revenues amounted to $2.7 million, marking an increase from $1.5 million in the previous quarter and $4.9 million in the prior year. The company attributed the sequential revenue growth to heightened shipments of memory IC and mmWave products, as stated in the press release.
Despite a quarterly loss of $0.83 per share, this figure was below the Zacks consensus projection of a $1.26 per share loss, resulting in a significant positive earnings surprise of 34.13%. Over the last year, the company has exceeded the consensus earnings per share estimates twice. In the corresponding quarter of the previous year, Peraso had incurred a loss of $3.60 per share.
Peraso announced that its CEO, Ron Glibbery, and CFO, Jim Sullivan, are scheduled to deliver presentations at the Lytham Partners 2024 Virtual Spring Conference on May 30 at 11:45 a.m. Eastern Time. The company mentioned that its management team would be accessible for virtual meetings with investors attending the event throughout the day. Additionally, Peraso stated that a live webcast and archived version of the management's presentation, along with supplementary materials, will be accessible on the Events & Presentations page of the company's website.
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