Immersion Q3 2020 Earnings Report
Key Takeaways
Immersion Corporation reported a profitable third quarter, with earnings per share of $0.11 on a GAAP basis and $0.15 on a non-GAAP basis. The company saw continued sequential improvement in revenue and earnings and announced a leadership transition.
Total revenues were $7.6 million, compared to $10.6 million in the third quarter of 2019.
GAAP operating expenses declined 58% from $11.8 million in the third quarter of 2019.
GAAP net income was $2.9 million, or $0.11 per diluted share.
Cash and cash equivalents increased to $55.9 million as of September 30, 2020.
Immersion
Immersion
Immersion Revenue by Segment
Forward Guidance
Immersion remains on track for an approximately $17 to $19 million non-GAAP operating expense run rate exiting Q4 of this year.
Positive Outlook
- Reached a key milestone of achieving profitability on both a GAAP and a non-GAAP basis.
- Achieved positive cash flow.
- Seeing signs of recovery from COVID across markets.
- Excited about the imminent launch of the PlayStation 5.
- PlayStation 5 is garnering positive reviews for the haptic capabilities of its DualSense controller.
Revenue & Expenses
Visualization of income flow from segment revenue to net income