Immersion Corporation (NASDAQ:IMMR) reported a third-quarter FY23 revenue decline of 32.3% year-over-year to $9.48 million, beating the consensus of $7.35 million.
Royalty and license revenues were $9.5 million, compared to $13.9 million in 3Q22.
Adjusted EPS was $0.12, lower from $0.25 a year ago.
Operating income for the quarter declined by 40.4% Y/Y to $6.52 million, and the margin contracted by 930 bps to 68.8%.
IMMR repurchased 485,061 shares in the quarter at an average price of $6.86 per share.
Adjusted operating expenses for the quarter totaled $1.97 million versus $2.27 million a year ago.
Dividend: The company increased its quarterly dividend by 50% to $0.045 per share. Payable on January 25, 2024, to shareholders of record on January 14, 2024.
“We are continuing our efforts to ensure that our intellectual property for the AR/VR/metaverse market is recognized by the recent filing of a second legal complaint in the United States District Court of the Western District of Texas against Meta Platforms, Inc. that alleges infringement on five Immersion patents. Whereas the previous suit is directed to Meta’s Quest 2 and Quest Pro products and their related software, this second suit is focused on Meta’s recently launched Quest 3 product and related software,” said Chairman and CEO Eric Singer.
Price Action: IMMR shares are trading lower by 7.23% at $6.22 at the last check Monday.
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