Friday, November 16, 2012

Vringo, Inc. (AMEX:VRNG) Shares Bounce Back After yesterday’s Fall

Shares of Vringo, Inc.(NYSEAMEX:VRNG) recovered almost 3% after falling 5.50% in yesterday’s session following the company’s earnings.

Patent troll Vringo posted a net loss of $3.1 million on Thursday or $0.18 a share for the quarter to September, much higher than what it reported a year earlier.

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In the year-ago quarter the company had reported a loss of $874,000, or $0.16 per share.

Revenue was $266,000 versus nil in the third quarter of last year.

Total operating expenses surged to $10.78 million from $870,000. The loss was attributed to the higher expenses.

As of November 14, 2012, Vringo said it had over $60 million of cash on hand.

Shares in Vringo fell 4.4 percent on Thursday after the results were announced.

The company was awarded about $30 million in damages in a patents battle with Google, while the company had claimed about $500 million in the lawsuit.

The company had alleged that Google infringed on patent technology Vringo purchased from Lycos Inc.

Google used the patented technology by filtering and presenting search and search advertising results based on a combination of an item's content relevance to a search query and click-through rates from prior users relative to that item.

Of the eleven patents that Vringo owns, eight of them have been acquired from search engine Lycos, while it has about 20 patent applications pending.

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