Shares in SiTime Corp. (SITM) have surged by over 29 percent in early trading on Thursday following the company's announcement of a first-quarter loss that was less significant than anticipated.
SiTime reported that its losses for the quarter amounted to $28.7 million, or $1.26 per share. This is an increase over the previous first quarter, where losses totaled $19.9 million or $0.89 per share.
However, if one disregards certain unique items, the company's loss is slightly less severe, standing at $1.9 million or $0.08 per share. For comparison, during the same quarter in the previous year, SiTime posted a profit of $5.5 million or $0.24 per share.
Analysts who were surveyed by Thomson Reuters had predicted a loss of $0.15 per share; an estimate that generally omits special items.
SiTime experienced a decline in their revenue for the quarter dropping to $33.02 million from the previous year's $42.4 million.
Currently, SiTime's stock has risen by 29.31 percent, hitting $125.33 on the Nasdaq, a significant increase from the previous close of $96.92. Over the past year, shares have been traded between $72.39 and $141.99.