Support.com Inc (SPRT) saw its loss narrow to $3.49 million, or $0.19 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.13 million, or $0.28 a share. On the other hand, adjusted net loss for the quarter narrowed to $2.33 million, or $0.13 a share from a loss of $4.17 million or $0.23 a share, a year ago. Revenue during the quarter dropped 7.03 percent to $14.61 million from $15.71 million in the previous year period. Gross margin for the quarter expanded 100 basis points over the previous year period to 18.18 percent. Operating margin for the quarter stood at negative 23.61 percent as compared to a negative 32.85 percent for the previous year period.
Operating loss for the quarter was $3.45 million, compared with an operating loss of $5.16 million in the previous year period.
“In Q4 2016, we continued to execute at a high level and made strides in Services, Support.com Cloud and End-User Software, all while taking actions to mitigate our future cash burn,” said Rick Bloom, Interim president and chief executive officer. “We will continue to be fiscally responsible and methodically evaluate cost reduction measures while not hampering our ability to execute. The short and long term opportunities in front of us combined with our refreshed view of expense management give us confidence in achieving our ultimate goal of delivering shareholder value.”
Working capital declines
Support.com Inc has witnessed a decline in the working capital over the last year. It stood at $54.87 million as at Dec. 31, 2016, down 19.15 percent or $13 million from $67.87 million on Dec. 31, 2015. Current ratio was at 6.89 as on Dec. 31, 2016, down from 8.26 on Dec. 31, 2015.
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