Altigen Communications Inc (OTCMKTS:ATGN) Stock In Focus After Q2 Earnings

Silicon Valley based cloud solutions providing company Altigen Communications Inc (OTCMKTS:ATGN) was in focus on Wednesday after it announced its financial results for the second fiscal quarter that had ended on March 23, 2023.

Trading Data

On Wednesday, ATGN stock fell 7.12% to $0.5935 with more than 21.78K shares, compared to volume of 62.47K shares. The stock moved within a range of $0.5505 – 0.6385 after opening trade at $0.6385.

Altigen Communications, Inc. Reports Second Quarter Results for Fiscal Year 2023

In this situation, it could be a good time for investors to consider taking a look into the highlights from the financial results. The company managed to generate net revenues of $3.4 million which reflected year on year rise of as much as 32%. The gross margins went down to 63.4% from 70.2% a year ago. Altigen Communications suffered a net loss of $0.1 million, which worked out to loss per share of $0.01. In the prior year period, the company had suffered a net loss of $0.7 million and loss per share of $0.

The non-GAAP net income was $0.1 million and the non-GAAP earnings per diluted share was $0. In the prior year period, the company had non-GAAP net income of $0.3 million to go along with non-GAAP earnings per diluted share of $0.1. The Chief Executive Officer of Altigen Communications Jeremiah Fleming spoke about the performance as well. He noted that the cloud services revenues went up on a sequential basis.