Immersion Q3 2023 Earnings Report
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
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.