Revenue slipped 8% to $5.8 million compared to the previous year, hampered by a 9% reduction in product sales. While gains in contract research and development provided some cushion, they were insufficient to offset the weakness in the core product segment. Net profit followed suit, falling to $3.2 million, or 65 cents a share, down from the $3.3 million and 68 cents recorded in the same quarter last year.
In section Market Quotes
NVE Shares Slide 24% Following Quarterly Revenue Contraction
A 24% premarket drop greeted NVE Corporation shares Thursday morning as the nanotechnology firm disclosed a decline in second-quarter financial performance. Investors reacted to a contraction in product sales, which dragged down both top-line revenue and net income for the period ending September 30.
Despite the quarterly dip, the company’s broader financial picture remains resilient. Total revenue for the first half of the fiscal year sits at $16.9 million, a 36% increase over the prior period. NVE maintained its commitment to shareholders by declaring a quarterly dividend of $1.00 a share.
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