Immersion Q2 2024 Earnings Report
Key Takeaways
Immersion Corporation reported a significant increase in revenue and net income for the second quarter of 2024. Total revenues reached $99.4 million, compared to $7.0 million in the same quarter of the previous year. GAAP net income attributable to Immersion stockholders was $28.9 million, or $0.89 per diluted share, compared to $7.0 million, or $0.21 per diluted share, in the second quarter of 2023. The company's investment in Barnes & Noble Education contributed to the increased revenue and stockholders' equity.
Total revenues increased to $99.4 million, significantly up from $7.0 million in Q2 2023.
GAAP net income attributable to Immersion stockholders was $28.9 million, or $0.89 per diluted share, a substantial increase from $7.0 million, or $0.21 per diluted share, in Q2 2023.
Non-GAAP net income attributable to Immersion stockholders reached $37.0 million, or $1.14 per diluted share, compared to $8.4 million, or $0.26 per diluted share, in Q2 2023.
The company acquired 42% of Barnes & Noble Education's common shares and control through five Immersion-appointed board seats.
Immersion
Immersion
Forward Guidance
Immersion will continue to protect and monetize intellectual property and seek to drive long-term shareholder value through thoughtful capital allocation.
Positive Outlook
- Continuing to protect and monetize intellectual property.
- Taking advantage of a strong and liquid balance sheet.
- Making an important investment in Barnes & Noble Education.
- Driving long-term shareholder value.
- Pursuing thoughtful capital allocation.
Challenges Ahead
- The inability to predict the outcome of any litigation.
- The costs associated with any litigation and the risks related to our business, both direct and indirect, of initiating litigation.
- Unanticipated changes in the markets in which the Company operates.
- The effects of the current macroeconomic climate.
- Delay in or failure to achieve adoption of or commercial demand for the Company’s products or third party products incorporating the Company’s technologies.