Immersion Q2 2023 Earnings Report
Key Takeaways
Immersion Corporation reported a decrease in revenue compared to the same quarter last year, but net income improved significantly. The company repurchased 1.3% of shares outstanding and extended its share repurchase program.
Total revenues were $7.0 million, a decrease from $8.0 million in the second quarter of 2022.
GAAP net income was $7.0 million, or $0.21 per diluted share, compared to a net loss of $1.8 million, or $0.05 per diluted share, in the second quarter of 2022.
Non-GAAP net income was $9.1 million, or $0.28 per diluted share, compared to a non-GAAP net loss of $1.1 million, or $0.03 per diluted share, in the second quarter of 2022.
The company repurchased 413,696 shares in the second quarter of 2023, representing 1.3% of shares outstanding.
Immersion
Immersion
Immersion Revenue by Segment
Forward Guidance
The company continues to focus on protecting its intellectual property and pursuing thoughtful capital allocation to increase long-term shareholder value. Future quarterly dividends will be subject to further review and approval by the Board.
Positive Outlook
- Focus on protecting intellectual property.
- Execution of new or renewal license agreements.
- Proactive enforcement of intellectual property.
- Continuing to pursue thoughtful capital allocation.
- Increase long-term shareholder value.
Challenges Ahead
- Inability to predict the outcome of any litigation.
- Costs associated with any litigation.
- Risks related to our business, both direct and indirect, of initiating litigation.
- Unanticipated changes in the markets in which the Company operates.
- Effects of the current macroeconomic climate.