Wi-Lan expects lower revenue; shares drop
(Reuters) - Technology licensing company Wi-Lan Inc WIN.TO WILN.O reported a quarterly loss, hurt by a financing-related charge, and forecast a sharp fall in second-quarter revenue, sending its shares down as much as 5 percent in early trade.
Wi-Lan, which develops and licenses intellectual property for products in the communications and consumer electronics markets, expects second-quarter revenue of at least $19.7 million, 28 percent lower than last year.
Analysts were expecting revenue of $24.1 million, according to Thomson Reuters I/B/E/S.
Wi-Lan, whose peers include InterDigital Inc IDCC.O, Rambus Inc (RMBS.O: Quote) and Tessera Inc TSRA.O, also forecast second-quarter adjusted earnings of $6.6 million to $9.1 million.
First-quarter net loss was $14.4 million, or 12 cents per share, compared with a profit of $19.8 million, or 17 cents a share, a year ago.
Revenue fell 6 percent to $24.7 million.
Shares of the company touched a two-month low of C$4.89 on the Toronto Stock Exchange. Wi-Lan's U.S.-listed shares dropped 6 percent.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)
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