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Jun 30, 2023
Immersion Q2 2023 Earnings Report
Immersion Corporation reported financial results for the second quarter ended June 30, 2023.
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
Revenue by Segment
Royalty and license Revenue
CapyFin.com 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.