RALEIGH …Â After shifting its focus to developing streaming media for mobile and wireless devices, Summus (OTC: SUMU) reported a loss of $2.2 million, or 5 cents a share, on $50,750 in revenue during the second quarter, ended June 30.
Revenue was off 76 percent from the second quarter of 2001 because the company didn’t work on any government contracts during the most recent quarter, the company said in a statement. All revenue in the latest quarter is from licensing technology and related contracts.
During the second quarter of 2001, Summus lost $2 million, or 6 cents a share, on $211,019 in revenue. At the time, the company primarily developed rich media content for various applications.
Summus last month obtained $10 million from undisclosed investors to help it expand.