SAN FRANCISCO-OmniSky Corp.’s first-quarter results reflected an increase in revenue as well as net loss, though the loss was not as extreme as some analysts earlier predicted.
Revenues were up to $5.5 million, more than 300 percent greater than last year. But the company’s loss reached $33.6 million, or 54 cents per share, compared with a loss of $8.6 million, or $11.20 per share in the year-ago quarter. However, analyst predictions that the loss could reach 66 cents per share did not pan out.
In response, Lehman Brothers lowered the company’s rating from strong buy to market perform and lowered its price target from $12 to $9.
In other OmniSky news, the company plans to provide wireless Internet access for Hewlett-Packard Co.’s Pavilion notebook personal computers and plans to begin jointly marketing the service with HP this summer.
