Canada's Sandvine Corp posted a narrower third-quarter loss, helped by higher revenue and lower cash operating expenses. The company, which helps broadband and telecom operators manage data traffic, posted net loss of C$4.4 million, or 3.2 Canadian cents a share, compared with a loss of C$6.3 million, or 4.6 Canadian cents a share in the year-ago quarter.
Excluding items, Sandvine lost C$3.1 million, or 2.3 Canadian cents a share, for the quarter ended Aug. 31.
Revenue for the company, which won 11 new customers in the third quarter, rose 22 percent to C$16 million. Sandvine said the emerging wireless market was the largest contributor to total revenue and customer wins.
The company said revenue from its Asia-Pacific region rose more than 50 percent over the last year, helping its results.
As our customer base has expanded and diversified, any of our access markets, sales regions and sales channels could make the largest revenue contribution in a given quarter, Chief Executive Dave Caputo said in a statement.
Sandvine was expected to post a loss of 3 Canadian cents a share for the quarter, on revenue of C$16.6 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at C$1.37 Wednesday on the Toronto Stock Exchange.
(Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel)