Video-imaging circuitry maker Transwitch Corp.’s revenue plummeted by more than a third in its second quarter, with its net loss increasing 22 percent.
The Shelton company reported net sales of $2.8 million, down 39 percent from $4.6 million in the second quarter of 2012. Transwitch lost $3.8 million, up from a loss of $3.1 million.
CEO M. Ali Khatibzadeh said the lower than expected revenue was due to a delay of IP licensing opportunities.
IP and service revenues were down sharply, from $2.5 million a year ago to $323,000 in the recent quarter. Product revenue was up from $2.1 million to $2.6 million.
After losing $18.2 million in 2012 and starting 2013 with a first-quarter loss of $3.1 million, Transwitch disclosed in May that it had hired an adviser to explore strategic alternatives.
