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Sep 30, 2023
Immersion Q3 2023 Earnings Report
Immersion's revenue decreased, but the company repurchased shares and increased the quarterly dividend.
Key Takeaways
Immersion Corporation reported a decrease in revenue for Q3 2023, with total revenues of $9.5 million compared to $14.0 million in Q3 2022. Despite the revenue decline, the company's GAAP net income was $2.7 million, or $0.08 per diluted share. Immersion repurchased 1.5% of shares outstanding and increased the quarterly dividend by 50 percent. They also announced the filing of a second patent lawsuit against Meta.
Total revenues were $9.5 million, a decrease from $14.0 million in the third quarter of 2022.
GAAP net income reached $2.7 million, or $0.08 per diluted share.
Non-GAAP net income was $4.0 million, or $0.12 per diluted share.
Immersion repurchased 485,061 shares, representing 1.5% of shares outstanding.
Immersion
Immersion
Immersion Revenue by Segment
Revenue by Segment
Royalty and license Revenue
CapyFin.com Forward Guidance
Immersion is focused on protecting its intellectual property and pursuing thoughtful capital allocation to increase long-term shareholder value.
Positive Outlook
- Continuing efforts to ensure intellectual property is recognized.
- Filed a second legal complaint against Meta Platforms, Inc.
- Seeking opportunities to monetize intellectual property.
- Robust balance sheet allows for meaningful shareholder returns.
- Board of Directors increased quarterly dividend by 50 percent.
Challenges Ahead
- Inability to predict the outcome of any litigation.
- Costs associated with any litigation.
- Risks related to the business of initiating litigation.
- Unanticipated changes in the markets.
- Effects of the current macroeconomic climate.