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Peraso Inc. (NASDAQ: PRSO), a prominent player in mmWave technology for 5G licensed and 60 GHz unlicensed networks, disclosed its financial outcomes for the initial fiscal quarter concluding on March 31, 2024, on May 13. The company revealed total net earnings of $2.8 million, contrasting with $1.8 million in the preceding quarter and $5 million in the corresponding period of the prior year.

During the first quarter, product revenues amounted to $2.7 million, marking an increase from $1.5 million in the previous quarter and $4.9 million in the prior year. The company attributed the sequential revenue growth to heightened shipments of memory IC and mmWave products, as stated in the press release.

Despite a quarterly loss of $0.83 per share, this figure was below the Zacks consensus projection of a $1.26 per share loss, resulting in a significant positive earnings surprise of 34.13%. Over the last year, the company has exceeded the consensus earnings per share estimates twice. In the corresponding quarter of the previous year, Peraso had incurred a loss of $3.60 per share. See more on Zacks Research.