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Sep 30, 2022
Immersion Q3 2022 Earnings Report
Immersion reported increased revenue and net income in Q3 2022, driven by strong royalty and license revenue.
Key Takeaways
Immersion Corporation reported a significant increase in revenue and net income for the third quarter of 2022. Total revenues increased to $14.0 million, and GAAP net income reached $7.7 million, or $0.23 per diluted share. The company also repurchased 7 percent of shares outstanding year to date and announced a quarterly dividend.
Total revenues increased to $14.0 million, compared to $7.2 million in Q3 2021.
GAAP net income was $7.7 million, or $0.23 per diluted share, compared to $3.8 million, or $0.12 per diluted share, in Q3 2021.
The company repurchased 2,542,065 shares year-to-date, representing 7.4% of shares outstanding.
A quarterly cash dividend of $0.03 per share was approved.
Immersion
Immersion
Forward Guidance
Immersion is focused on renewing license agreements, protecting its intellectual property, and pursuing thoughtful capital allocation to drive long-term shareholder value.
Positive Outlook
- Renewing license agreements
- Protecting intellectual property
- Pursuing thoughtful capital allocation
- Driving long-term shareholder value
- Financial strength allows for significant share repurchases
Challenges Ahead
- Very difficult macroeconomic backdrop
- Inability to predict the outcome of any litigation
- The costs associated with any litigation
- The effects of the COVID-19 global pandemic
- Unanticipated changes in the markets