Welcome to our dedicated page for Gigamedia news (Ticker: GIGM), a resource for investors and traders seeking the latest updates and insights on Gigamedia stock.
GigaMedia Limited (NASDAQ: GIGM) is a digital entertainment services company headquartered in Taipei, Taiwan, with operations focused on Taiwan and Hong Kong. Through its FunTown digital entertainment service business, GigaMedia develops and operates a suite of mobile games, browser/mobile games and casual games, and provides platform services for games. The company’s news flow reflects both its operating performance and its activities as a foreign private issuer listed on Nasdaq.
This news page aggregates GigaMedia’s publicly released updates, including quarterly and annual unaudited financial results, management commentary and outlook statements. Readers can follow announcements on digital entertainment service revenues, gross profit, operating loss, net income or loss, and cash, cash equivalents and restricted cash, all prepared in accordance with U.S. GAAP. GigaMedia also reports EBITDA as a non-GAAP measure and explains its use and limitations in each release.
In addition to earnings-related news, GigaMedia issues press releases on corporate actions such as the annual general meeting of shareholders, poll results for resolutions, and strategic investment activities. Recent announcements include the purchase of convertible promissory notes issued by Aeolus Robotics Corporation, highlighting GigaMedia’s interest in longer-term strategic relationships and investment alternatives.
Investors and followers of GIGM stock can use this page to review the company’s sequential and year-over-year performance trends in digital entertainment service revenues, operating metrics and balance sheet items, as well as to track updates on strategic investments and shareholder approvals. Regularly reviewing this news stream helps provide context for GigaMedia’s position in the digital entertainment market in Taiwan and Hong Kong.
GigaMedia Limited (NASDAQ: GIGM) reported its third-quarter 2021 results, with revenues of $1.56 million, marking a 27.7% increase from the previous quarter. Gross profit rose to $0.88 million, reflecting a margin improvement to 56.1%. The company posted a net loss of $0.73 million, a slight reduction from the previous quarter's loss of $0.84 million. Cash reserves totaled $43.2 million at quarter-end. GigaMedia anticipates growth driven by the completion of a remake of legacy casual games, aiming for enhanced profitability.
GigaMedia Limited (NASDAQ: GIGM) announced its second-quarter 2021 results, reporting revenues of $1.23 million, a 15.3% decrease from the previous quarter and a 32.9% decline year-over-year. The company faced an operating loss of $1.08 million and a net loss of $0.84 million. Gross profit also fell by 20% quarter-on-quarter and 35.3% year-over-year, totaling $0.63 million. Despite the operational challenges due to seasonality and COVID-19 impacts, management expressed optimism for the second half of the year.
GigaMedia Limited (NASDAQ: GIGM) held its Annual General Meeting (AGM) on June 24, 2021, where all resolutions presented were approved. Key outcomes include:
- Adoption of audited financial statements: 99.04% in favor
- Appointment of auditors: 99.09% in favor
- Approval of Directors' remuneration: 96.69% in favor
- Authority to allot and issue shares: 96.46% in favor
- Share purchase mandate: 97.95% in favor
This strong support reflects shareholder confidence in GigaMedia's digital entertainment services.
GigaMedia Limited will hold its 22nd annual general meeting on June 24, 2021, at 11 a.m. in Taipei. Key agenda items include the adoption of audited financial statements for the year ending December 31, 2020, approval of the appointment of Deloitte & Touche as auditors, approval of directors' remuneration not exceeding US$350,000, and the authorization for directors to allot and issue shares. The company also seeks a share purchase mandate to buy back shares within prescribed limits. Shareholders must return proxies by June 21, 2021.
GigaMedia reported its first quarter 2021 financial results, revealing revenues of $1.45 million, up 2.0% quarter-on-quarter but down 9.9% year-over-year. The gross profit was $0.79 million, marking a decrease of 3.3% from the previous quarter and 14.7% year-over-year. Operating loss increased to $0.90 million and net loss to $0.88 million, attributed to rising general expenses and pandemic-related declines in licensed mobile games. Cash and equivalents totaled $44.45 million, approximately $4.02 per share. Management noted slowed business momentum.
GigaMedia (NASDAQ: GIGM) reported its unaudited financial results for 2020, noting revenues of $6.9 million, a 3.5% increase from 2019. Gross profit rose by 9.4% to $3.9 million, and net loss narrowed to $1.3 million, improving 22.0% year-over-year. The fourth quarter saw a 30.1% decline in revenues due to seasonality, with a loss from operations of $0.6 million. Cash reserves stood at $46 million. Despite quarterly challenges, the company aims for sustainable growth through strategic investments like the $10 million note in Aeolus Robotics.
GigaMedia Limited (NASDAQ: GIGM) reported its Q3 2020 financial results, showing a revenue increase of 11.1% quarter-on-quarter to $2.03 million and a gross profit of $1.20 million. The company reduced its operating loss to $0.36 million and net loss to $0.25 million. The gross profit margin improved to 59.0%. GigaMedia also announced a strategic investment in Aeolus Robotics with a $10 million convertible note, positioning itself for potential future growth.
On September 25, 2020, GigaMedia Limited (NASDAQ: GIGM) announced that CEO Cheng-Ming Huang purchased 21,570 shares of the company's stock at an average price of $2.8879 on September 22 and 23, 2020. This purchase, made through Pacific Star Universal Group Ltd., complies with all legal and company guidelines. Post-purchase, Huang holds a total of 1,073,566 shares, equating to approximately 9.71% ownership in GigaMedia.
On September 10, 2020, GigaMedia Limited (NASDAQ: GIGM) announced that CEO Cheng-Ming Huang purchased 68,737 shares at an average price of $2.867 on September 4, 8, and 9. This acquisition was made within an open window period, adhering to company regulations. Huang now owns a total of 1,051,996 shares, representing approximately 9.52% of GigaMedia. The company, headquartered in Taipei, is a leader in digital entertainment services in Taiwan and Hong Kong, focusing on mobile and casual games.
On August 31, 2020, GigaMedia Limited (NASDAQ: GIGM) announced a strategic investment by executing a convertible note purchase agreement to acquire a $10 million principal amount note from Aeolus Robotics Corporation. The note, with a 2% interest rate, is due August 30, 2022, extendable to August 30, 2023. GigaMedia can convert the note into shares at $3.00 each, potentially owning 4.62% of Aeolus post-conversion. This investment aims to provide Aeolus with working capital and explore further cooperation opportunities.
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